Internal investigators at the cryptocurrency exchange Binance uncovered alarming findings in the previous year, revealing that individuals in Iran had gained access to over 1,500 accounts on the Binance platform. Approximately $1.7 billion had been transferred from two accounts on Binance to Iranian entities with ties to terrorist groups, raising serious concerns about potential violations of global sanctions. One of the accounts implicated was reportedly held by a Binance supplier.

Following these discoveries, the investigators reported the transactions to company executives, as detailed in records and documents reviewed by the New York Times. The revelation of these questionable transactions prompted a swift response from Binance, which resulted in the termination or suspension of at least four employees who were part of the investigation. The company cited violations related to "company protocol" concerning the handling of customer data as the reason behind these actions.

This series of events highlights the ongoing challenges cryptocurrency exchanges face in regulating transactions and ensuring compliance with international sanctions. Binance, as the largest cryptocurrency exchange in the world, is under increasing scrutiny regarding its accountability and the measures it takes to prevent its platform from being exploited for illegal activities, particularly in regions where sanctions apply. This incident not only raises questions about Binance's internal governance but also sheds light on the broader issues surrounding the regulation of digital currencies and their use for illicit purposes.