Binance Denies Direct Transactions with Iranian Entities

Binance, the world's largest cryptocurrency exchange, has formally responded to a U.S. Senate investigation into allegations of direct transactions with Iranian entities.

In a letter dated March 6, Binance replied to Sen. Richard Blumenthal's Permanent Subcommittee on Investigations, disputing claims that its platform allowed more than $1 billion in crypto transactions to flow to Iran-linked groups.

The exchange said its internal review found no evidence of direct transactions with Iranian entities, but did identify indirect exposure to potentially Iran-linked wallets, which were subsequently removed from the platform.

Binance identified two entities at the center of the activity: Hexa Whale and Blessed Trust. The exchange said Hexa Whale was removed in August of last year, and Blessed Trust was offboarded in January after investigations were completed.