U.S. Justice Department Launches Inquiry Into $1B Iran-Tied Transfers at Binance: Report

The U.S. Justice Department is investigating whether Iranian
networks used cryptocurrency exchange Binance to move funds and evade American
sanctions, according to a report by The Wall Street Journal.

The probe focuses on more than $1 billion in crypto
transfers that allegedly passed through the platform to entities linked to
Iran-backed groups, including Yemen’s Houthi militants.

The investigation follows reports that Binance wound down an
internal review that had identified around $1.7 billion in flows from mainly
Chinese clients to digital wallets associated with Iranian proxies.

Exclusive: The Justice Department is investigating Iran’s use of Binance to evade U.S. sanctions https://t.co/Qqw2h2cQuP

— The Wall Street Journal (@WSJ) March 11, 2026

Inquiry Examines Iran-Linked Crypto Flows

It includes funds allegedly routed via Hong
Kong-based payments firm Blessed Trust. The Wall Street Journal said officials
have contacted individuals with knowledge of the transactions but added it is
unclear whether authorities are scrutinizing Binance itself, its users, or
both.

You may also find interesting: Richard Teng Explains Why Binance Chose Greece for Its EU MiCA License

Amid the claims, the exchange has filed a defamation lawsuit against Dow Jones,
the publisher of The Wall Street Journal.

We have filed a complaint against the @WSJ for publishing a false and defamatory report, and to shine the light of truth. We view this suit as a necessary step to defend ourselves against misinformation, hold the WSJ accountable for prioritizing clicks over journalistic… pic.twitter.com/c4BPAi95Kh

— Binance (@binance) March 11, 2026

The lawsuit, filed in the Southern District of New York,
claims the WSJ falsely stated that Binance fired staff who raised compliance
concerns and mishandled Iran-linked transactions. It argues that those employees
left over alleged internal data protection violations instead of retaliation.

Binance, which pleaded guilty in 2023 to U.S.anti-money-laundering and sanctions violations and agreed to a $4.3 billion
settlement and compliance monitoring, said it did not directly transact with
sanctioned entities and worked with law enforcement to dismantle the network.

Binance Cites Cooperation with Law Enforcement

The exchange said its investigation showed only about $24
million ultimately entered wallets tied to Iran’s Islamic Revolutionary Guard
Corps and that accounts linked to the intermediary network have been closed.

A separate Senate inquiry led by Senator Richard Blumenthal
is also seeking records on Binance’s handling of the Iranian-related activity,
citing the Journal’s reporting.

Keep reading: Iran Crypto Market “In the Dark”: Trading Volumes Plunge 80% After Strikes

Meanwhile, Binance.US has moved to refresh its executive
ranks, appointing Stephen Gregory as CEO while Norman Reed shifts into an
advisory role. Gregory, who took over on March 9, previously led
Currency.com’s U.S. business through its 2025 acquisition and has held senior
compliance roles at Gemini and CEX.io.

Meet our new CEO: Stephen Gregory (@Stevie_Satoshi)He’s a compliance expert, builder, and seasoned trader. Now, he’s leading @BinanceUS into our next chapter as we build the best crypto exchange for Americans. https://t.co/pmlWrU09YO

— Binance.US 🇺🇸 (@BinanceUS) March 11, 2026

The exchange is positioning the leadership change as the
next step in its U.S. growth strategy after a period of regulatory pressure
that has included enforcement actions and tighter scrutiny of its business
model. Gregory’s appointment comes as Binance.US tries to move past those
challenges

This article was written by Jared Kirui at www.financemagnates.com.



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