Binance has formally submitted a written response to the US Senate Permanent Subcommittee on Investigations regarding its concerns about potential violations of Iran sanctions policies. The letter was also addressed to Subcommittee Chairman Ron Johnson and Ranking Member Blumenthal.
This follows a Wall Street Journal report suggesting possible transaction activity on the Binance platform linked to Iranian entities. Binance has explicitly denied these claims, stating that the allegations lack credible evidence. The company emphasized that its platform strictly prohibits access to users within Iran and enforces mandatory identity verification mechanisms on all accounts to ensure compliance.
Regarding the rumored “2,000 Iranian accounts,” Binance explained that this figure originated from system monitoring of VPN usage to circumvent geographical restrictions, and does not represent actual Iranian user accounts. After receiving the Senate's inquiry, Binance initiated an internal review, discovering two related accounts—Hexa Whale and Blessed Trust—that were indirectly linked to suspected Iran-related wallet addresses. Following an in-depth review of transaction records and user identity information, Binance removed the Hexa Whale account on August 13, 2025, and completed the termination of Blessed Trust in January 2026.
In its response, Binance also disclosed operational data regarding its compliance system: the company has invested hundreds of millions of dollars in building risk control and monitoring systems, processing over 71,000 law enforcement agency requests throughout 2025. Over the past three years, it has cooperated with global law enforcement agencies to successfully freeze and recover assets totaling over $752 million.
Furthermore, addressing personnel changes within the compliance team mentioned in the investigation, Binance clarified that the departures were not due to compliance failures. One employee was terminated for unauthorized disclosure of internal user data, while the remaining personnel changes were part of normal staff adjustments.