Binance Under Investigation for $1.7 Billion Transfers to Iranian Entities

The world’s largest cryptocurrency exchange, Binance, is under investigation after accounts transferred $1.7 billion to entities linked to Iran. Evidence of these transactions was reportedly visible for over a year prior to detection. The transfers occurred in violation of U.S. sanctions against Iran, though no specific dates for the transactions were provided. Investigators identified the accounts but did not disclose technical details about how the transactions were flagged or executed. The incident highlights compliance failures in monitoring illicit financial flows on the platform.