Reports suggest Binance might have financed Iranian groups.

Concerns Raised Over Binance’s Transactions with Iranian Entities

After President Trump granted a pardon to Binance founder Chao Changpeng last fall, employees from the cryptocurrency exchange disclosed some troubling findings. Reportedly, Binance may have funneled billions of dollars to Iranian entities, according to a source.

A team of internal investigators at Binance uncovered that individuals in Iran had accessed over 1,500 accounts on the platform. Notably, two of these accounts are said to have transferred around $1.7 billion to Iranian-aligned groups, including Houthi militants in Yemen, between 2024 and 2025.

The investigators brought these transactions to the attention of Binance executives, who then took disciplinary measures. At least four employees were either fired or suspended for reportedly breaching internal protocols related to customer data management.

A spokesperson for Binance asserted that the company does not breach sanctions laws concerning the transactions in question. Moreover, they denied that any internal investigator was let go for reporting the findings, stating, “No investigator has been terminated for raising compliance concerns or reporting potential sanctions issues.”

Chao founded Binance in 2017, and it grew to be the largest cryptocurrency exchange globally. However, in 2023, Zhao pleaded guilty to charges related to money laundering and chose to step down from his position. His sentence included four months in prison along with a $50 million fine and a prohibition from further involvement in Binance.

In October, President Trump pardoned Zhao, suggesting that the actions for which he was convicted were not significant. Trump even mentioned that many people had requested this clemency, citing persecution by the Biden administration.

Binance also faced legal repercussions in 2023, agreeing to a criminal fine close to $1.81 billion and a forfeiture of $2.51 billion, which related to three criminal charges. The company committed to taking action against those who might misuse its platform, including users from Iran.

According to reports, the connection between Binance and Iran came to light internally before Zhao’s pardon. The groups involved in these transactions are reportedly among foreign adversaries that the Trump administration is considering targeting.