The Wall Street Journal reported that a network linked to Babak Zanjani carried out nearly $850 million in financial transactions through the cryptocurrency exchange Binance over the past two years. Part of this money was reportedly connected to funding entities affiliated with the Islamic Revolutionary Guard Corps (IRGC).
According to the report, user accounts linked to Zanjani’s close associates, colleagues, family members, and executives of companies connected to him used shared devices and infrastructure. Binance’s internal investigators reportedly flagged this pattern as a clear sign of attempts to bypass U.S. sanctions against Iran.
The Wall Street Journal wrote that most of these transactions moved through a cryptocurrency company named “Zedcex,” with one account linked to the network recording around $830 million in turnover. Citing security sources and counter-terrorism financing experts, the report also alleged that about $425 million of the funds was ultimately used to support Iran’s military activities.
The report said that despite internal warnings about the suspicious activity, some of these accounts remained active for months. Responding to the allegations, Binance said it has strengthened its anti-money laundering and sanctions compliance systems in recent years and has not knowingly enabled any illegal activity.
