Binance Logo [EPA Yonhap News.]

It has been belatedly confirmed that over 2 trillion won flowed from Binance, the world's largest cryptocurrency exchange, to Iran.

The US daily New York Times (NYT) reported on the 23rd (local time) that Iranian nationals accessed over 1,500 Binance accounts last year, and a total of $1.7 billion (approximately 2.4582 trillion won) flowed to Iranian entities linked to terrorist organizations.

This flow of funds was confirmed by an internal Binance investigation team and immediately reported to management.

However, NYT, citing multiple sources, reported that Binance management dismissed or suspended at least four employees involved in the investigation several weeks later.

Binance explained that the dismissed/suspended investigators violated company regulations while handling customer information and stated that the accounts related to Iran had been deleted.

Subsequently, it is known that more than six investigators left Binance over several months, including the head of the internal compliance team.

Binance CEO Changpeng Zhao [AFP Yonhap News]

Binance is a cryptocurrency exchange founded in Shanghai, China, in 2017 by Changpeng Zhao, a Chinese-Canadian, and has since grown into the world's largest.

Due to its registered office in the Cayman Islands, operational offices in Singapore, and CEO Changpeng Zhao's personal address in the United Arab Emirates (UAE), there were significant suspicions that Binance was involved in money laundering and tax evasion.

The US Securities and Exchange Commission (SEC) and the Department of Justice prosecuted CEO Zhao on charges of money laundering, and he subsequently pleaded guilty and agreed to pay a $4.3 billion fine.

However, the situation changed after Donald Trump took office as president.

After extensive lobbying, including contributing to World Liberty, a cryptocurrency firm linked to the Trump family, receiving significant investment, CEO Zhao received a pardon in October last year.

In a separate statement on the 24th, Binance claimed that while they did conduct internal reviews upon discovering suspicious transaction activity, they found no evidence of sanctions violations or legal breaches.

A Binance spokesperson stated, "Our internal review found no evidence of any violation of applicable sanctions laws or regulations related to the transactions discussed in the report. Binance proactively reported suspicious activity, which is evidence that our control systems are working."

He added, "No investigators were fired for raising compliance concerns or reporting potential sanctions-related issues."