Binance processed roughly $144 million in suspicious cryptocurrency transactions through flagged accounts after its November 2023 plea agreement, according to a new Financial Times investigation based on leaked internal files.
The report found that 13 accounts handled a combined $1.7 billion in crypto flows between 2021 and 2025, with some funds linked to networks later accused of moving money for Iran and Hezbollah. The findings raise fresh questions about how effectively Binance implemented compliance reforms following its $4.3 billion criminal settlement with U.S. authorities.
What Happened
Binance continued to process significant suspicious crypto transactions even after agreeing to a high-profile U.S. plea deal in November 2023, internal data reviewed by investigators suggests. Files covering activity from 2021 through 2025 show that 13 accounts flagged for irregular behavior moved roughly $1.7 billion in crypto, including about $144 million after the criminal settlement.
The transactions persisted despite red flags such as repeatedly changed banking details, logins from widely separated geographic locations in short periods, and failed identity verification checks behavior that would normally trigger deeper compliance reviews at regulated financial firms. Some accounts were linked to addresses later flagged under anti-terrorism sanctions, prompting questions about how effectively Binance’s post-settlement compliance systems have operated.
Binance entered the plea agreement in 2023, paying $4.3 billion to resolve U.S. allegations of anti-money-laundering and sanctions violations, which included promises to strengthen monitoring controls and sanctions enforcement. Despite those commitments, the flagged transactions continued.
Why It Matters
The revelations cast doubt on whether Binance has fully implemented the compliance reforms it agreed to when settling criminal charges with U.S. authorities. The 2023 plea deal marked one of the largest settlements in U.S. legal history for a cryptocurrency firm, and it was designed to ensure that the exchange would adopt rigorous anti-money-laundering and transaction monitoring systems.
Continued movement of suspicious funds after that settlement including transfers involving accounts displaying signs of high-risk activity raises concerns about enforcement effectiveness. Regulators and policymakers monitor such developments closely because weak controls on major exchanges can make the broader crypto ecosystem vulnerable to misuse by criminal networks, sanctions evaders, and other bad actors.
The ongoing scrutiny also comes as Binance’s governance and regulatory relationships have attracted attention amid broader industry debates over compliance standards. How Binance responds may influence future rulemaking, enforcement priorities, and confidence from institutional investors evaluating the crypto sector’s maturity.
