Investigation Says Over $1 Billion Moved Through Binance to Iran-Linked Entities
The report alleges the transfers involved a Chinese VIP trader and a suspected Iranian gold smuggler, while Binance says it could not have known the funds would reach sanctioned entities.
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Terms & Concepts
Sanctioned entities: Individuals or organizations restricted under government sanctions, often barred from using parts of the global financial system.
VIP trader: A high-volume exchange client that may receive reduced fees, dedicated support, or other account privileges.
Crypto exchange: A platform where users buy, sell, and transfer digital assets such as Bitcoin and other cryptocurrencies.