The New York Times revealed on Monday that Iranian individuals seized approximately $1.7 billion from one of the largest digital currency trading platforms in the world, and transferred these funds to entities related to Tehran.
The newspaper reported that an internal investigation team at the Binance platform discovered that during the past year, these people were able to access more than 1,500 accounts on the platform, in a major breach of compliance and oversight procedures.
According to the investigation, about $1.7 billion was transferred from two accounts on the platform to Iranian parties linked to armed groups, which the newspaper considered a possible violation of international sanctions imposed on Iran.
The New York Times explained that investigators informed senior executives at Binance of these transactions as soon as they were discovered, based on internal records and documents seen by the newspaper.
The report indicated that a few weeks after submitting the internal reports, the platform fired or suspended at least four employees who participated in the investigation, according to documents and sources familiar with the file.
The company justified this step as a result of internal violations, including “violating company protocols” related to how customer data is handled, without acknowledging the existence of pressure or a direct connection to the investigation itself.
These developments come at a time when digital currency platforms are witnessing increased international scrutiny, due to their potential use to circumvent sanctions and finance illegal activities across borders.
It also coincides with a political and security escalation between Washington and Tehran, which gives the issue sensitive financial and geopolitical dimensions, which may open the door to broader investigations and additional restrictions on the digital currency sector globally.
