Binance Employees Find $1.7 Billion in Crypto Was Sent to Iranian Entities
The New York Times • • general
Key Points:
- Internal investigators at Binance discovered that over 1,500 accounts on the platform had been accessed from Iran, with about $1.7 billion transferred to Iranian entities linked to terrorist groups, potentially violating global sanctions.
- One of the implicated accounts belonged to a Binance vendor, raising serious concerns about internal compliance and oversight.
- After reporting these findings to top executives, Binance fired or suspended at least four employees involved in the investigation, citing violations of company protocol related to client data handling.
- These revelations emerged despite Binance’s 2023 guilty plea for anti-money-laundering violations and its commitment to improving regulatory compliance by hiring experienced law enforcement personnel.
- The investigation coincided with political developments, including a presidential pardon for Binance
