Internal Binance reports reveal an Iranian network, led by self-described 'antisanction operator' Babak Zanjani, conducted $850 million in transactions on the platform through December 2025. This activity was part of a larger suspected scheme moving $1.7 billion, with experts estimating roughly $425 million could have funded Iran's military. Binance's own investigators labeled the accounts a money-laundering network for the regime.

Despite the findings, Zanjani's primary account remained active for up to 15 months and was still open in January 2026. Binance stated the 'overwhelming majority' of the flagged transactions were unrelated to its platform and insisted it blocks sanctioned entities. The company, which paid $4.3 billion in 2023 for prior Iran sanctions violations, recently sued The Wall Street Journal over earlier reports on similar allegations.

Democratic Senator Richard Blumenthal has now opened a probe into these potential violations, citing warnings Binance allegedly ignored. The case echoes founder Changpeng Zhao's 2023 prison sentence for Iran sanctions breaches, later pardoned by Trump. Connections to other crypto firms like Tron and Donald Trump's World Liberty Financial further complicate the regulatory landscape for the industry.