$850 Million Sanction Violation on Binance: Babak Zanjani's Crypto Operations Linked to IRGC
— CryptoPolitan
US-sanctioned Iranian businessman linked to $850 million sanction violation operations on Binance.
US-sanctioned Iranian businessman Babak Zanjani reportedly linked to $850 million in crypto operations on Binance to finance the IRGC.
- Zanjani has reportedly processed around $850 million in crypto transactions on Binance over 15 months, with about half of these funds directed towards military expenditures.
- Through his crypto business Zedcex, proceeds from Iranian oil sales were funneled through Turkish banks to Binance accounts, then transferred to other exchanges.
- Despite red flags regarding Iranian connections, Binance completed these transactions, raising concerns about its compliance with sanctions.
Zanjani's crypto transactions may heighten regulatory scrutiny in the crypto market as part of Iran's efforts to circumvent sanctions.