Binance Employees Find $1.7 Billion in Crypto Was Sent to Iranian Entities

NYT Homepage

by David Yaffe-Bellany and Michael Forsythe

February 23, 2026

AI-Generated Deep Dive Summary

Binance employees have uncovered evidence of $1.7 billion in cryptocurrency being sent to Iranian entities, potentially violating global sanctions. Internal investigators found that over 1,500 Binance accounts had been accessed by individuals in Iran, with transactions involving two accounts linked to Iranian entities tied to terrorist groups. These findings were reported to top executives but led to the firing or suspension of at least four employees involved in the investigation, who were accused of violating company protocols regarding client data handling. This incident highlights ongoing challenges for Binance, the world’s largest cryptocurrency exchange, which previously pleaded guilty to breaking anti-money laundering laws in 2023. Despite hiring over 60 former law enforcement and regulatory professionals to address such issues, internal warnings about suspicious activity persisted. The timing of these discoveries came before President Trump pardoned Changpeng Zhao, Binance’s founder, who had served four months in prison for his role in the firm’s legal violations. The case underscores the risks of cryptocurrency exchanges falling prey to illegal activities, particularly those involving sanctioned countries like Iran. While Binance has made efforts to improve compliance and security, the findings raise concerns about its ability to fully eliminate bad actors from its platform. Additionally, the close ties between Binance and figures like Trump’s family, including their crypto venture World Liberty Financial, add another layer of scrutiny. This situation matters because it sheds light on the vulnerabilities in cryptocurrency exchanges and the challenges of enforcing global sanctions in the decentralized digital currency space. As the crypto industry continues to grow, such incidents highlight the

Verticals

newsgeneral

Originally published on NYT Homepage on 2/23/2026