Binance Faces Scrutiny Over $676M Iran-Linked Transfer

A recent report by Reuters has revealed that an Iran-linked exchange allegedly sent $676 million to Binance, which is being described as part of a sanctions-evasion operation.

The funds reportedly moved through Shelbit, an unlicensed Dubai exchange believed to have handled money tied to Iranian state-linked wallets and a Farsi-language gambling network.

Binance stated that Shelbit never held a formal account on its platform, but the exchange has frozen relevant accounts and reported them to law enforcement after an internal review.