Report Says Binance Handled $144M in Suspicious Accounts

• Binance processed suspicious transactions even after agreeing to tighter U.S. compliance rules.
• Some accounts were linked to networks tied to Iran and Hezbollah, the report said.
• Around $144 million in activity occurred after Binance’s 2023 settlement.

Cryptocurrency exchange Binance continued to process hundreds of millions of dollars in transactions through accounts flagged for suspicious activity even after reaching a settlement with U.S. authorities in 2023, according to a new investigation.

The report says Binance handled significant volumes from accounts that showed clear warning signs, despite the exchange agreeing to tighten its anti-money laundering controls as part of a $4.3 billion settlement with the U.S. Justice Department in November 2023.

Based on internal records reviewed by the newspaper, the transactions span from 2021 through 2025. Importantly, around $144 million in activity reportedly occurred after the settlement was finalized, raising fresh questions about how effectively Binance implemented its promised compliance reforms.

Accounts Linked to High-Risk Activity

The Financial Times identified 13 accounts that collectively processed about $1.7 billion in transactions. Several of these accounts were linked, directly or indirectly, to networks later accused by U.S. and Israeli authorities of moving money connected to Iran and Hezbollah.

One example cited involved an account registered to a resident of a Venezuelan slum that moved roughly $93 million through Binance over four years. Some of those funds were traced back to wallets later accused of facilitating covert transfers for sanctioned groups.

Another account, registered to a 25-year-old Venezuelan woman, reportedly received more than $177 million in crypto over two years. The account repeatedly changed its linked bank details, cycling through hundreds of different bank accounts across multiple countries in just over a year, according to the report.

In one case, an account showed logins from Caracas followed by Osaka, Japan, within hours, a pattern experts say would normally trigger immediate security alerts at regulated financial institutions.

Stefan Cassella, a former U.S. federal prosecutor quoted in the report, said the transaction patterns resembled those of unlicensed money-transmitting operations.

Binance Pushes Back

Binance disputed the findings, telling the Financial Times that it operates strict compliance systems and has a zero-tolerance policy toward illicit activity. The exchange said it uses automated monitoring tools and investigative teams to identify and address suspicious behavior.

The report arrives as Binance faces scrutiny following President Donald Trump’s pardon of founder Changpeng Zhao for alleged past anti-money laundering violations. 

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