Crypto exchange Binance has rejected claims from United States lawmakers that the platform helped move large amounts of crypto linked to Iranian networks. The company says the claims are wrong and based on reports that do not show the full facts.
The issue started after a letter from a United States senator who asked questions about reports in major media outlets. These reports said that accounts linked to an Iranian network may have moved about one point seven billion dollars in crypto during the years twenty twenty four and twenty twenty five.
According to those reports some accounts worked as middle groups that helped move funds between different wallets. The reports also said that some wallets may have links to groups in Iran. A few transactions were also said to connect to payments related to ships that move oil under sanctions.
Because of these claims lawmakers asked the company for more details. They requested records and internal messages about the accounts that were named in the reports. They also asked the exchange to explain how it checks users and how it blocks people who live in countries under sanctions.
Binance responded in a letter on six March. The company said the claims are not true and that the reports used by lawmakers are based on wrong or incomplete information. The company said it has strong rules that require identity checks for users. It also said people who live in Iran are not allowed to use the platform.
The company explained that it did look into the accounts mentioned in the reports after questions from law agencies. Binance said those accounts were later removed from the platform after internal reviews. The company stated that this action was part of its normal process when it reviews possible risks.
Binance also said that it did not find direct transactions between its platform and any account based in Iran. According to the company its monitoring system checks wallet activity and screens users against global sanctions lists.
The exchange said it has built a large compliance team to manage these checks. Binance stated that more than one thousand five hundred staff now work in compliance roles around the world. Their job is to monitor activity review risk and respond to requests from law enforcement groups.
The company also shared numbers to show how it works with investigators. In the year twenty twenty five Binance said it handled more than seventy one thousand requests from law enforcement agencies. These requests usually involve checking transactions or helping track funds linked to crime.
Binance also said it has helped authorities freeze or seize large amounts of crypto connected to illegal activity. The company stated that its exposure to wallets linked to illegal use has dropped sharply over the past few years. According to its data the share of suspicious activity on the platform has fallen to a very small level compared with earlier periods.
This disagreement comes at a time when crypto platforms face strong attention from regulators and lawmakers. Governments want to make sure that digital assets are not used to move money around sanctions or hide illegal payments.
Lawmakers say they will continue to review how crypto exchanges handle these risks. At the same time companies like Binance say they are improving their systems and working closely with investigators to stop illegal use of crypto.
For now the exchange says the claims about one point seven billion dollars in Iran linked transfers are incorrect and not supported by clear evidence. The discussion between lawmakers and the company is likely to continue as governments study how digital finance should be regulated in the future.
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