Binance denies U.S. Senator claims over Iran-linked transactions

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Binance responds to Senator Blumenthal inquiry

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Anastasiia Chabaniuk

06.03.2026

Binance denies U.S. Senator claims over Iran-linked transactions — Binance publishes response to U.S. Senate investigation

Crypto exchange Binance has published an official response to a letter from U.S. Senator Richard Blumenthal, stating that allegations about possible transactions linked to Iranian entities are false and unsupported. The company also said it does not allow users residing in or located in Iran and applies strict KYC procedures and transaction monitoring.

Binance added that the media reports cited in the investigation contain inaccurate and unsubstantiated claims about the exchange’s sanctions controls and compliance practices.

The senator’s inquiry followed media reports published in February alleging that around $1.7 billion may have been transferred from Binance accounts to Iran-linked organizations, including Yemen’s Houthi militants. In his letter to Binance co-CEO Richard Teng, Blumenthal requested records related to the platform’s dealings with Hexa Whale and Blessed Trust, two entities that were reportedly linked to the transfers.

Suspicious accounts removed

In its response, Binance said the entities were identified during internal investigations launched after law enforcement inquiries. According to the company, both accounts were subsequently removed from the platform and relevant information was shared with authorities. Binance said the trading entity Hexa Whale was offboarded from the platform in August 2025, while Blessed Trust was removed in January 2026 following a review of its source of funds.

The exchange also stated that, to its knowledge, no Binance account conducted direct transactions with entities based in Iran.

Binance says compliance efforts expanded

The company said it has invested hundreds of millions of dollars into its compliance infrastructure in recent years and expanded its financial crime compliance team to more than 1,500 employees worldwide.

According to Binance, the share of transactions linked to potentially illicit addresses fell from 0.284% of total exchange volume in early 2024 to 0.009% by mid-2025, while exposure to major Iranian crypto platforms declined by about 97%. Binance also said it continues to cooperate with law enforcement agencies and processed more than 71,000 requests from investigative authorities in 2025 alone.

Earlier we reported that Binance plans to obtain five additional licenses in Asia as part of its regional expansion strategy.

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