How a Covert Network Funneled Crypto to Sanctioned Groups

2026-03-16

Internal records reveal that a Chinese Nexus used Binance accounts and Hong Kong intermediaries to move $1.7 billion to sanctioned Iranian entities. Over $1.1 billion of USDC stablecoins was utilized to fund groups like the IRGC. The scheme bypassed automated AML controls, highlighting persistent vulnerabilities in global crypto payment rails.