Binance Scrutinized Over $676 Million Linked to Iran

An unlicensed crypto exchange based in Dubai named Shelbit is at the center of a major investigation. Reports indicate the firm moved at least 4 billion dollars since May 2024 to help Iranian entities bypass international sanctions. Data suggests that 676 million dollars of these funds flowed into the Binance platform.

Shelbit reportedly provided services to the Central Bank of Iran and other sanctioned groups. Investigative researchers claim the exchange operated under the guise of a watch trading company. The flows included significant amounts linked to a large gambling network and wallets associated with the Islamic Revolutionary Guard Corps.

Binance denies the claims, stating that its internal compliance programs functioned correctly. The exchange says it investigated and froze relevant accounts whenever suspicious activity was detected. They also questioned the accuracy of the figures presented in the report, noting that independent analytics did not flag these transactions as high risk at the time.

This news puts Binance back under the microscope as regulators track compliance with previous legal settlements. The United States Treasury is monitoring the situation closely. Traders should watch for further statements from law enforcement agencies regarding the status of the accounts involved in these cross border transfers.