BroadChain has learned that on March 17, Binance released a compliance statement revealing a complex financial network uncovered during a recent internal investigation, spanning Asia and the Middle East.
The funds in question originated from regulated stablecoin issuers and a Singapore-based digital payment service provider, before being routed through multiple layers of cryptocurrency wallets.
Ultimately, approximately $126.1 million was traced to wallet addresses linked to Iran, with around $24.1 million associated with the country's Islamic Revolutionary Guard Corps (IRGC).
Binance stated that upon detecting the suspicious activity, it immediately suspended the relevant accounts and shared the information with law enforcement.