- US DOJ investigates $1 billion transactions of Binance linked to Iranian networks.
- The exchange says it cooperated and shut down suspicious accounts.
- Richard Blumenthal seeks records on alleged Iran-linked crypto activity.
The US Department of Justice has reportedly launched an investigation into whether Iranian networks used Binance to bypass American sanctions. The authority is currently examining digital transactions worth more than $1 billion that allegedly moved through the platform. The department believes that these transactions have possible connections with Iran-backed groups.
The investigators are reportedly reaching out to individuals familiar with the transactions for interviews. Binance has denied knowingly facilitating such activity, noting that its internal investigation previously identified suspicious accounts and shut them down.
DOJ Examines $1B in Binance’s Crypto Transactions
According to a Wall Street Journal report, the US Department of Justice is reviewing more than $1 billion worth of crypto transactions that allegedly moved through Binance. This comes as a broader investigation into potential sanctions evasions.
The DOJ investigation into Binance also analyses blockchain transactions that may have been routed through financial networks connected to Iranian groups.
Authorities are attempting to trace how the funds flowed through the exchange and whether intermediaries were involved in facilitating the transfers. Federal investigators have also reportedly reached out to individuals to obtain additional information on the matter.
US Senator Raises Concerns
This DOJ move comes on the heels of US Senator Richard Blumenthal’s concerns over Binance’s allegedly suspicious transactions. Recently, following the Fortune report that unveiled Binance’s alleged ties with Iranian-sanctioned transfers, Blumenthal sent a letter to CEO Richard Teng.
The Fortune report, dated February 13, accused the crypto exchange of facilitating Iran-linked sanctioned transactions. The report also claimed that the exchange terminated some of its compliance team members after they found out about the suspicious transactions.
Following the report, the senator requested the CEO to provide details as part of a preliminary inquiry into how sanctioned entities might be using crypto. Blumenthal is seeking records and an explanation from the exchange. He needs to know if the exchange has suspended or dismissed compliance staff. Blumenthal wrote,
“Instead of actually preventing illicit use, Binance has sought to evade accountability and influence the White House through lobbying and a financial partnership with World Liberty Financial (WLFI), the cryptocurrency firm owned by the sons of President Trump and his special envoy Steve Witkoff… This influence campaign has worked: in May 2025, the Securities and Exchange Commission announced that it was dismissing a lawsuit against Binance for lying to regulators and mishandling funds, followed in October by the stunning Presidential pardon of founder Changpeng Zhao.”
Binance Responds to Investigation
In response to the ongoing investigation, Binance asserted that it cooperated with law enforcement during the previous probe and eventually shut down the accounts linked to the suspicious transactions. The company explained that a deeper internal review showed only about $24 million moved into wallets connected to the Islamic Revolutionary Guard Corps, which is far lower than earlier estimates tied to the wider network.
The probe has once again placed Binance under regulatory scrutiny. In 2023, the exchange reached a $4.3 billion settlement with the US authorities over anti-money laundering and sanctions compliance.
Despite the recent investigations, the firm argues that it follows international sanctions rules. The company added that it follows international sanctions rules and does not directly transact with sanctioned entities.
