According to compliance reports, blockchain analysis, and law-enforcement sources cited in investigative findings, Iranian financier Babak Zanjani built a crypto-based payment structure that allegedly moved large volumes of funds through the global exchange Binance, even as the country faced tightening U.S. sanctions and escalating geopolitical tensions. The network reportedly involved multiple accounts linked to associates, including family members and business partners, with investigators flagging shared device usage as evidence of coordinated activity designed to evade detection. In total, one core trading account alone is said to have processed approximately $850 million in transactions over two years, with activity continuing into recent months. Investigators further allege that the funds formed part of broader crypto flows linked to Iran’s Islamic Revolutionary Guard Corps, a powerful organization designated by the United States for sanctions due to its military and regional proxy operations, including support for groups such as Hamas and Hezbollah.
The reports claim that Binance systems repeatedly flagged suspicious patterns, including overlapping account access and transactions connected to Iran-linked entities, yet some accounts allegedly remained active for extended periods despite internal alerts. Additional analysis cited in the investigation points to broader cross-border movement of funds involving Iran’s central bank, offshore entities, and wallets associated with sanctioned networks, with crypto acting as a mechanism to obscure the origin and destination of money. Researchers and officials tracking sanctions evasion say these flows may be tied to oil revenue channels and intermediary trading structures designed to bypass restrictions imposed by the United States and its allies.
Binance, its founder Changpeng Zhao, and the individuals involved have all faced scrutiny in connection with anti-money-laundering enforcement and sanctions compliance, including a previous U.S. guilty plea by the exchange in 2023 over regulatory violations. While Binance has stated it maintains strict controls and denies knowingly permitting prohibited activity, investigators cited in the reports argue that gaps in enforcement allowed high-risk accounts to persist within the platform’s vast global transaction system. The allegations also highlight continued concerns from U.S. authorities, who have intensified efforts to disrupt financial channels supporting Iran’s sanctioned institutions amid broader regional conflict and enforcement actions targeting crypto-based evasion networks.
