Binance tells Senate probe no accounts sent crypto directly to Iran

Binance denies allegations of facilitating direct crypto transactions with Iranian entities, asserting no evidence supports claims of $1.7 billion sent to Iran.

In a bold statement that aims to clear its name, Binance has informed a U.S. Senate panel that there is no evidence linking its platform to direct cryptocurrency transactions with Iranian entities. This announcement comes in response to allegations suggesting that approximately $1.7 billion in crypto had flowed to groups connected to Iran. What Are the Allegations Against Binance? Earlier today, Binance's CEO, Richard Teng, sent a letter to Senator Richard Blumenthal's Permanent Subcommittee on Investigations. The letter denied claims that Binance facilitated substantial crypto transfers to Iran-linked organizations, including militant groups like Yemen's Houthi forces. The exchange stated that its internal review only identified indirect exposure to wallets that may be tied to Iran, and it acted by removing the associated accounts. How Did Binance Respond to the Claims? Binance took a firm stand against the media reports that prompted the Senate inquiry, calling coverage from major outlets, including the New York Times , Wall Street Journal , and Fortune , not only false but also defamatory . The exchange specifically refuted the narrative that compliance staff were dismissed after raising concerns about potential Iranian-linked transactions. What Steps Did Binance Take Following the Inquiry? According to the letter, Binance began a thorough review last April after law enforcement agencies contacted them regarding suspicious transaction activity. The company stated that they promptly provided user records and transaction histories to investigators and continued their internal examinations of the flagged activity. What Did Binance Find in Their Investigations? During its investigation, Binance identified two entities, Hexa Whale and Blessed Trust, whose accounts had interacted with the wallets of interest. The exchange confirmed that it removed Hexa Whale from its platform in August and offboarded Blessed Trust in January after concluding their investigations. How D