Binance Implicated in $676M Iran-Linked Sanctions-Evasion Scheme

A recent report by Reuters has shed light on a significant transfer of funds from an Iran-linked exchange to Binance, which is allegedly part of a broader sanctions-evasion scheme.

The alleged operation involves Shelbit, an unlicensed Dubai-based exchange that handled money tied to Iranian state-linked wallets and a Farsi-language gambling network. According to reports, Shelbit sent $676 million to Binance through this scheme.

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

This development comes amidst intensified U.S. scrutiny over potential sanctions violations involving Iran and adds complexity to ongoing nuclear negotiations between the two countries.