Binance Denies Iranian Sanctions Violations Amidst Ongoing Probe

Binance has responded to a probe launched by US Senator Richard Blumenthal into allegations that the leading crypto exchange enabled $1.7 billion worth of transactions tied to Iranian entities and sanction-evading trades from Russia on its platform.

In a letter sent to Blumenthal, Binance denied violating Iranian sanctions compliance and claimed it took immediate action after receiving law enforcement requests about two Hong Kong-based partners implicated in the alleged infractions. The exchange said it offboarded the accounts of Hexa Whale and Blessed Trust, which allegedly facilitated sanctions-evading transactions.

Binance stated that its internal investigations were thorough and effective, with more than 1,500 employees worldwide working to build a strong compliance program. The exchange invested hundreds of millions of dollars in compliance infrastructure to address potential risks and report to appropriate authorities.