Key Highlights
- The Wall Street Journal reported that a Binance “high-value customer” managed a crypto firm run by Iranian financier Babak Zanjani.
- Transactions with an Iranian money changer and repeated account access from Tehran reportedly drew attention from U.S. and Swiss law-enforcement officials.
- Internal Binance records reportedly showed that senior approval was required to remove the customer because of his high-value status.
Binance classified a customer linked to an Iranian cryptocurrency firm as a “high-value customer” while transactions involving an Iranian money changer and account access from Tehran raised concerns among law-enforcement officials.
A Wall Street Journal report published on October 9, citing internal documents, said the customer managed a crypto firm operated by Babak Zanjani, whom U.S. and Israeli authorities have linked to Iranian financial networks.
Transactions with Iranian money changer raised concerns
The WSJ reported that transactions with an Iranian money changer were among the first warning signs involving the customer.
U.S. and Swiss law-enforcement officials subsequently contacted Binance about one of his accounts, which had reportedly been accessed repeatedly from Tehran.
The customer was reportedly a manager at a company run by Zanjani, whom U.S. and Israeli authorities have linked to financial networks supporting Iran’s government and the Islamic Revolutionary Guard Corps (IRGC).
The available WSJ report excerpt does not identify the customer by name or disclose the total value of the transactions under scrutiny.
High-Value customer status affected account removal
According to internal records cited by the WSJ, Binance designated the individual a “high-value customer,” a classification that provided benefits including lower trading fees and personalized service.
The report said investigators reviewing the accounts needed senior approval to remove the customer because of that status.
The available information does not establish whether the designation alone delayed the decision or explained all the factors considered during the investigation.
Binance told the WSJ that it blocked the customer’s accounts in late 2025 and removed the final account in May 2026. The available report excerpt does not include a detailed response from the exchange addressing the specific approval procedures described by the newspaper.
DOJ probe adds to Binance’s Iran-related scrutiny
The latest WSJ report follows a September 22 report by The Crypto Times, which covered Bloomberg’s reporting on a U.S. Department of Justice investigation into Binance’s handling of Iran-linked trading.
According to that report, prosecutors were examining whether Binance knowingly allowed transactions connected to Iran despite the exchange’s earlier compliance settlement. The inquiry reportedly involved the Manhattan U.S. Attorney’s Office and the DOJ’s Criminal Division in Washington.
A Binance spokesperson said at the time that the exchange had a zero-tolerance approach to sanctions violations and was cooperating with law enforcement.
The reported investigation does not establish wrongdoing and could conclude without criminal charges. It remains separate from the customer account and internal approval procedures described in the latest WSJ report.
Binance previously rejected WSJ allegations
Binance has disputed earlier WSJ reporting about Iran-linked transactions.
In May, Binance co-CEO Richard Teng described a WSJ report as containing “fundamental inaccuracies.”
Teng said the transactions cited in that reporting occurred before the individuals involved were formally sanctioned. He also said Binance had investigated the issues and maintained a compliance framework designed to address sanctions risks.
Binance said it did not permit transactions involving sanctioned individuals and reiterated its commitment to cooperating with law enforcement.
Those statements concerned earlier reporting and do not resolve the specific questions raised by the October 9 article about the high-value customer and the internal approval process.
Earlier U.S. Treasury actions involving Iran
A separate report published on May 8 covered the U.S. Treasury demands for stronger Binance compliance controls amid concerns about cryptocurrency activity linked to Iran.
That report also described U.S. authorities’ efforts to disrupt financial networks allegedly associated with Iran, including the freezing of $344 million in USDT linked to Iranian entities.
The Treasury-related actions concerned broader sanctions enforcement and were separate from the customer account described by the WSJ.
Binance’s 2023 settlement remains relevant
In November 2023, Binance pleaded guilty to U.S. anti-money-laundering and sanctions-related violations and agreed to pay approximately $4.3 billion in penalties. The settlement included compliance obligations and independent monitoring.
The latest WSJ report concerns separate account activity. The available reporting does not establish that this activity constituted a new sanctions violation or that Binance has been charged over the customer.
What the report adds to the Binance investigation
The WSJ report raises questions about how Binance handled a customer whose transactions attracted law-enforcement attention.
The separately reported DOJ investigation remains unresolved. The available reporting does not establish that Binance intentionally facilitated the alleged Iranian payment network.
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