WSJ Says Iran-Linked Network Moved $850 Million Through Binance, Raising Money-Laundering Concerns

An Iran-linked financial network is suspected of moving large sums through Binance, the world's largest cryptocurrency exchange. The Wall Street Journal reported that Iranian funds used Binance as the risk of a military confrontation with the US increased.

The Journal reported on May 22 that a covert payments network run by Iranian businessman Babak Zanjani continued moving funds through Binance until recently.

Citing an internal Binance compliance report, the newspaper said the network processed about $850 million in transactions over roughly two years through a single account. The activity continued through December 2025.

Zanjani has described himself as an "antisanction operator." He is also known for links to efforts to evade US and Western sanctions on Iran.

The Journal said the network was used to maintain funding flows tied to Iranian military organizations. It also reported that the system helped move regime-linked funds in preparation for a possible clash with the US.

Binance said it applies a "zero-tolerance" policy to illicit activity.

The report could renew scrutiny of anti-money laundering, or AML, controls and sanctions compliance at global crypto exchanges. It also raises the prospect of closer monitoring by US regulators of crypto flows tied to geopolitical risks.