WSJ: Binance Kept Iran-Linked Customer on 'High-Value' List While Network Moved Nearly $850 Million

A Wall Street Journal investigation published today, Oct. 9, says Binance processed nearly $850 million in transactions tied to an Iranian financial network that U.S. authorities have sanctioned. The Journal, citing an internal 80-page Binance report, says part of that money reached wallets Israeli authorities have identified as linked to Iran's Islamic Revolutionary Guard Corps.

Binance disputes how those numbers are being read. The allegations come from the Journal's reporting and Binance's own internal documents. No charges have been filed.

What the internal report describes

According to the Journal, Binance identified 21 trading accounts linked to Babak Zanjani, an Iranian financier under U.S. sanctions. The internal report found that at least $67 million flowed from two of those accounts to wallets Israel has flagged as IRGC-linked.

One account belonged to Sukhrob Oimakhmadov, whom Binance classified as a "high-value customer," the Journal reports. He received more than $10 million from wallets later flagged as IRGC-linked. Oimakhmadov's role, per the Journal, was manager at a crypto firm operated by Zanjani.

Investigators also tied him to Zedcex. Its Binance account processed nearly $830 million, including $56 million sent to IRGC-linked wallets, per the Journal's account of the report.

Binance records show repeated access to an account from Tehran between late 2024 and 2025, the Journal reports. U.S. and Swiss law enforcement later contacted Binance about that account.

The network also involved ZedPay, a Turkey-based entity that allegedly converted Iranian oil revenue into crypto to bypass traditional banking. U.S. authorities have since sanctioned Zanjani, Zedcex and associated entities.

The 'high-value' label

The designation carried perks, including lower trading fees and personalized service, according to the Journal. Investigators who wanted the customer removed reportedly needed senior approval because of that status.

The Journal says transactions with an Iranian money changer were among the first warning signs. Binance had earlier scrutinized dealings with Iranian exchange Aban Tether, yet kept him under what it calls a risk-based compliance approach.

Binance says it blocked his account in October 2025 and formally removed him in May 2026. That means roughly seven months between the block and the removal.

Binance's response

Binance told the Journal it had already identified every account with any connection to sanctions violations and restricted the suspicious activity. It rejected the idea that total trading volume represents money sent to the IRGC, calling that reading "materially misleading."

The $850 million is gross activity through the accounts. The amounts the Journal ties to IRGC-linked wallets are far smaller: $67 million from two accounts, and $56 million of the Zedcex total.

Binance also acknowledged historical compliance workflow problems, including delays between a recommendation to close an account and the final administrative action.

Co-CEO Richard Teng used similar language about earlier Journal coverage. In May he said a prior report contained "fundamental inaccuracies."

Pending federal scrutiny

Earlier reports put the value of Iran-linked transactions Binance investigators flagged at $1.7 billion. On Sept. 22, Bloomberg reported that prosecutors from the Manhattan U.S. Attorney's Office and the Justice Department's Criminal Division were examining whether Binance knowingly allowed Iran-connected transactions despite its earlier compliance settlement.

A Binance spokesperson said at the time that the exchange has a zero-tolerance approach to sanctions violations and is cooperating with law enforcement. The reported inquiry does not establish wrongdoing and could end without charges.

Washington's Iran money campaign

The story lands as Treasury tries to choke Tehran's finances during a U.S. war with Iran that is nearing its seventh month. Treasury Secretary Scott Bessent said on Fox News' "Special Report" this week that the effort to cut off "the financial oxygen" to Iran is "never seen before." He added: "I don't know whether it's gonna be a week, a month or two months, but they're going to yell uncle."

Treasury launched "Operation Economic Outcast" in August to sever Iran's financial lifelines and isolate it from the global financial system. Bessent has warned foreign governments and businesses to cut ties with Tehran.

Crypto is a channel Treasury has to worry about. A platform that moves Iranian money, even by accident, undercuts that pressure.

What remains open

The Journal's account rests on internal Binance documents that the public cannot check. Binance has not released its own breakdown of how much money reached the IRGC, and the Justice Department has not announced any action.

The open question is whether prosecutors conclude the delays between flagging and removal were a compliance lapse or knowing facilitation. That is a different legal question from the one Binance faced in its earlier settlement.