2.5 Trillion Won Flows from Binance to Iran, Founder Recently Pardoned by Trump

▲ Binance logo

It has been belatedly confirmed that more than 2 trillion won flowed to Iran through Binance, the world’s largest cryptocurrency exchange.

The New York Times (NYT) reported on the 23rd (local time) that over the course of last year, Iranian nationals accessed more than 1,500 Binance accounts, and a total of $1.7 billion (approximately 2.4582 trillion won) was funneled to Iranian entities linked to terrorist organizations.

The flow of funds was identified by Binance’s internal investigation team and was immediately reported to senior management.

However, according to multiple sources cited by the NYT, Binance executives fired or suspended at least four employees who participated in the investigation several weeks later.

Binance said the investigators who were dismissed or suspended had violated company regulations while handling customer information, and added that the accounts related to Iran had been deleted.

In the months that followed, more than six additional investigators reportedly left Binance, including the company’s head of compliance.

Changpeng Zhao, CEO of Binance

Binance was founded in Shanghai, China, in 2017 by Chinese-Canadian Changpeng Zhao and has since grown into the world’s largest cryptocurrency exchange.

Due to its paper registration in the Cayman Islands, offices in Singapore, and Zhao’s personal residence in the United Arab Emirates (UAE), Binance has faced significant suspicions of money laundering and tax evasion.

The U.S. Securities and Exchange Commission (SEC) and the Department of Justice indicted Zhao on charges including money laundering. He later admitted guilt and agreed to pay a $4.3 billion fine.

However, the situation changed after President Donald Trump took office.

After prolonged lobbying efforts, including Binance’s reported role in helping World Liberty, a cryptocurrency company linked to the Trump family, secure large-scale investment, Zhao was pardoned in October last year.

Disclaimer: This article is for informational purposes only.