- Binance said only $126.1M reached Iran-linked wallets through intermediaries, not $1.7B as reported.
- The exchange offboarded related accounts and reported findings to law enforcement.
- Binance cited a 96.8% drop in sanctions exposure and over $200M yearly spending on compliance.
Binance has issued a compliance statement disputing reports about Iran-linked fund flows, stating the claims misrepresented its investigation and findings. The exchange said about $126.1 million ultimately reached Iran-linked wallets through intermediaries. According to CEO Richard Teng, Binance completed a multi-month probe, offboarded accounts, and reported findings to law enforcement.
Investigation Details And Fund Flow Breakdown
Binance said the reported $1.7 billion direct flow to Iranian entities is inaccurate. According to the company, funds neither originated nor ended on its platform.
Instead, Binance described a complex transaction path involving multiple intermediary wallets. The exchange said at least three unattributed wallets separated Binance accounts from final destinations.
After tracing the activity, Binance found that $126.1 million reached wallets linked to Iran. Of that amount, about $24.1 million connected to wallets tied to Iran’s Islamic Revolutionary Guard Corps.
The company said it identified these links only after starting its investigation. As a result, it moved to offboard related accounts and notify authorities.
Binance also named accounts linked to entities such as Blessed Trust and Hexa Whale. These accounts were removed after the internal review.
Company Rebuts Key Allegations
Binance addressed several claims raised in recent coverage. According to the company, no employees were fired for raising compliance concerns. Richard Teng stated that all investigations continued without interruption. He also said the company did not violate U.S. or international sanctions provisions.
Additionally, Binance said investigators had full access to relevant accounts during the review. The company cited internal system logs to support this claim. Binance further rejected assertions that it suppressed or halted investigations. Instead, it said it completed each review and reported findings to law enforcement.
Compliance Program And Enforcement Metrics
Binance highlighted data tied to its compliance efforts. The company reported a 96.8% reduction in sanctions-related exposure between January 2024 and July 2025. It also recorded a 97.3% drop in direct exposure to four major Iranian exchanges through January 2026.
These figures reflect changes across trading activity. In 2025 alone, Binance processed more than 71,000 law enforcement requests. The company also helped return over $131 million in illicit funds.
Binance said it spends more than $200 million annually on compliance. About 20% of its workforce focuses on regulatory and investigative functions.
