Binance Employees Uncover $1.7 Billion in Crypto Sent to Iranian Entities

Internal investigators at the crypto exchange were fired or suspended after reporting the transactions to executives.

Published on Feb. 23, 2026

Got story updates? Submit your updates here. ›

Binance, the world's largest cryptocurrency exchange, uncovered evidence that over $1.7 billion in crypto had been sent from its platform to Iranian entities with links to terrorist groups, potentially violating global sanctions. After internal investigators reported these findings to top executives, at least four employees involved in the investigation were fired or suspended, with the company citing "violations of company protocol" related to client data handling.

Why it matters

The revelations raise concerns about Binance's ability to effectively police illicit activity on its platform, despite the company's previous guilty plea and $4.3 billion penalty for sanctions violations. The disciplining of the investigators also raises questions about Binance's commitment to transparency and accountability around compliance issues.

The details

Binance's internal probe found that over the past year, more than 1,500 Iranian-linked accounts had accessed the platform, and that a Hong Kong-based firm called Blessed Trust had moved $1.2 billion in crypto from Binance to Iranian entities with ties to the country's Revolutionary Guards. After the investigators reported these findings, they were suspended or fired, with Binance citing issues around client data handling.

  • In the middle of 2022, Binance's compliance experts were contacted by Israeli law enforcement about terror financing routes connected to Iran.
  • In the fall of 2022, two Binance internal investigators raised concerns about the Blessed Trust transactions and Iran connections, which eventually reached the CEO and chief compliance officer.
  • In November 2022, the two investigators who raised the concerns were suspended.

The players

Binance

The world's largest cryptocurrency exchange, which has faced previous legal issues around sanctions violations.

Changpeng Zhao

The founder of Binance, who was pardoned by former President Trump in 2024 for his role in the company's prior crimes.

Blessed Trust

A Hong Kong-based firm that operated as a payment processor and "fiat partner" for Binance, and was found to have moved $1.2 billion in crypto to Iranian-linked entities.

Iran's Revolutionary Guards Corps

A designated terrorist group by the U.S. and other countries, which was found to have ties to some of the Iranian entities receiving funds from Blessed Trust's Binance account.

Richard Teng

The chief executive of Binance who was informed of the investigators' findings about the Iranian transactions.

Got photos? Submit your photos here. ›

What they’re saying

“Any suggestion that Binance knowingly allowed sanctionable activity to continue unchecked is incorrect and defamatory.”

— Rachel Conlan, Binance representative

“We categorically reject any suggestion that the discontinuation was due to involvement with sanctioned entities.”

— Leung Ka Kui, Director of Blessed Trust

“These actions by the Biden administration severely damaged the United States' reputation as a global leader in technology and innovation.”

— Karoline Leavitt, White House Press Secretary

What’s next

Binance says it plans to submit a report about Blessed Trust to the U.S. Justice Department on February 25.

The takeaway

The Binance case highlights ongoing challenges crypto exchanges face in policing illicit activity on their platforms, even after high-profile legal settlements. It also raises questions about Binance's commitment to transparency and accountability around compliance issues, given the disciplining of the internal investigators who uncovered the Iranian transactions.