Binance Denies Senate Claims of Direct Cryptocurrency Transfers to Iran

TLDR

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Binance informed U.S. Senate investigators that no direct cryptocurrency transactions occurred between its platform and entities in Iran
The company reports discovering only indirect connections to potentially Iran-associated wallets, which were subsequently terminated
The exchange labeled coverage by NYT, WSJ, and Fortune as “demonstrably false” and defamatory
Following internal probes, two organizations — Hexa Whale and Blessed Trust — had their platform access revoked
Congressional scrutiny intensifies amid questions about Trump administration connections to Binance through a $2 billion stablecoin transaction

The world’s leading cryptocurrency exchange, Binance, has issued an official statement to U.S. Senate investigators, asserting that no customer accounts facilitated direct cryptocurrency transfers to entities based in Iran.

We have voluntarily responded to Senator Blumenthal’s letter, which references the defamatory allegations and claims first reported by The Wall Street Journal.

We take these allegations seriously. They misrepresent both the work we do every day and the substantial progress we…

— Binance (@binance) March 6, 2026

Dated March 6, the correspondence addressed to Sen. Richard Blumenthal’s Permanent Subcommittee on Investigations and Sen. Ron Johnson responds to concerns raised by a coalition of 11 senators who initiated the inquiry last month.

The congressional investigation was triggered by published reports suggesting Binance permitted over $1 billion worth of cryptocurrency transactions connected to Iranian-affiliated organizations. The exchange has categorically rejected these characterizations.

According to the company’s internal analysis, investigators discovered only tangential exposure to digital wallets potentially associated with Iran. The exchange confirmed these accounts have since been deactivated.

The platform specifically named Hexa Whale and Blessed Trust as the two organizations central to the investigation. Hexa Whale’s account termination occurred in August of the previous year, while Blessed Trust was removed this past January following comprehensive internal reviews.

Binance’s examination began after law enforcement agencies reached out to the company last April, providing a compilation of external wallet addresses potentially tied to financing terrorism.

The cryptocurrency platform emphasized its complete cooperation with authorities, supplying user documentation and transactional records to support the investigation.

Binance Challenges Media Reporting Accuracy

The exchange launched a strong rebuttal against news organizations whose reporting prompted the Senate investigation. Binance characterized stories published by the New York Times, Wall Street Journal, and Fortune as containing demonstrable falsehoods and defamatory elements.

These publications had suggested that Binance terminated employees who internally flagged concerns regarding the Iran-connected transactions. The company has refuted these claims.

According to Binance, the majority of personnel departures connected to this matter occurred voluntarily. A single employee faced termination, which the company attributes to policy violations involving unauthorized external sharing of confidential user data.

“When there is credible risk information, Binance investigates, mitigates, offboards accounts, and reports to appropriate authorities,” the letter stated.

Congressional Investigation Unfolds Against Background of Expanded Binance Oversight

The senators’ correspondence to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi established a March 13 deadline for clarification on potential investigative plans regarding Binance. Neither official has issued public statements as of Friday.

The exchange’s regulatory history in the United States includes a 2023 settlement totaling $4.3 billion for breaches of sanctions protocols and anti-money laundering regulations. Former chief executive Changpeng Zhao resigned and entered a guilty plea to felony charges, completing a four-month incarceration period.

Last October, President Trump issued a pardon for Zhao. This executive action eliminated legal obstacles preventing Zhao from resuming involvement with Binance, although he has publicly stated no intention to reclaim the CEO position.

Congressional attention toward Trump’s business relationships with Binance has intensified following a transaction where MGX, a UAE-registered entity, utilized the USD1 stablecoin — created by World Liberty Financial, which has backing from Trump and his family — to finalize a $2 billion Binance investment. Several legislators have characterized this arrangement as presenting potential conflicts of interest.

As of March 6, the Senate subcommittee has not publicly disclosed any additional measures in response to Binance’s submission.

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