According to a WSJ report citing Binance's internal investigation, Iranian financier Babak Zanjani orchestrated a sanctions evasion network involving 21 trading accounts that moved approximately $850 million through the cryptocurrency platform, with at least $67 million flowing to wallets linked to Iran's Islamic Revolutionary Guard Corps. Binance stated it has since restricted and closed accounts involved in the violations.
The UK sanctioned five crypto and payment platforms, including Cryptomus and TokenSpot, for facilitating transactions that help Russia circumvent financial sanctions. Two of the targets processed transactions with Russia's A7 network, an illicit finance operation that moved over $90 billion last year. The sanctions are part of a broader 38-target package targeting Russian oil companies and shadow fleet tankers.
The UK Foreign Office imposed sanctions on multiple cryptocurrency platforms, including Cryptomus and several payment processors, for allegedly facilitating Russian sanctions evasion. The targeted entities span jurisdictions including Kyrgyzstan and include exchanges like TokenSpot and platforms such as Tsunami Payments.
The UK sanctioned three crypto exchanges, two payment platforms, and one individual on October 8 for allegedly helping Russia evade sanctions, with authorities suspecting two platforms processed transactions involving the A7 network, a Kremlin-backed financial system. The designations targeted businesses linked to Kyrgyzstan and followed similar U.S. Treasury action against A7 on October 1.