Tycoon Zanjani moved billions for Tehran through Binance - WSJ


Iran used Binance-linked cryptocurrency networks to move billions of dollars tied to regime financing and the Islamic Revolutionary Guard Corps, with some transactions continuing into this month despite sanctions scrutiny, The Wall Street Journal reported.
The report centers on Iranian businessman Babak Zanjani, whom US authorities accuse of helping funnel money to the IRGC.
According to the WSJ, a network linked to Zanjani processed roughly $850 million in transactions over two years through Binance accounts flagged internally for possible sanctions evasion and terrorism financing.
The newspaper said the funds came on top of roughly $1.7 billion that Binance investigators had previously concluded moved through the same Iranian network, according to earlier WSJ reporting.
Binance told the WSJ it does not permit transactions involving sanctioned entities and said it took “all appropriate actions” once accounts were identified.






A new Hudson Institute report warns that Iran has rapidly expanded its influence in Georgia, raising concerns among US lawmakers and analysts about Tehran’s regional activities.
The report alleges Iran-linked networks are increasingly active in the country and claims Georgia allowed Russian military aircraft carrying supplies to Iran to cross its airspace during the war.
The allegations were highlighted in a report by the Washington Free Beacon.
Asian shares climbed on Friday and US stock futures moved higher as investors held on to hopes of progress in US-Iran talks despite continued disagreements over major issues.
Oil prices remained volatile amid concerns over the near closure of the Strait of Hormuz, a critical artery for global energy supplies that has fueled inflation fears and reshaped interest-rate expectations.
Japan’s Nikkei rose 2% while MSCI’s broad Asia-Pacific index outside Japan gained 0.3%.
The United States on Thursday imposed sanctions on nine individuals, including Iran’s ambassador to Lebanon, accusing them of obstructing Lebanon’s peace process and helping preserve Hezbollah’s influence over state institutions.
The Treasury Department said those targeted operated across Lebanon’s parliament, military and security sectors to impede Hezbollah’s disarmament.
“Hezbollah is a terrorist organization and must be fully disarmed,” Treasury Secretary Scott Bessent said.
As food prices spiral and farms shut down across Iran, even establishment figures are openly questioning how a country capable of producing precision missiles cannot manufacture affordable cars or keep chicken within reach of ordinary families.
Former Industry Minister Mostafa Hashemitaba says the crisis is rooted not only in consumer markets but across the country’s collapsing production chain, from fertilizers to poultry farming.
Writing in Sharq on May 20, Hashemitaba said the price of a 50-kg bag of triple-phosphate fertilizer had jumped within months from three million rials to 70 million rials, a nearly 24-fold increase. Other fertilizers, he added, rose by more than 1,100 percent over the same period.
The result, he argued, has been the shutdown of farms and poultry operations, feeding directly into soaring prices for fruit, vegetables and meat.
A report published by Etemad described growing despair among Iranians struggling with job losses, displacement and rapidly rising living costs after the conflict.
Columnist Nayereh Khademi interviewed a 40-year-old university-educated man who said that after losing his job during the war, he briefly considered living in a cardboard box with his wife.
“What frightened me most was a future in which nothing was certain,” he said.
Another man described the horror of watching missile strikes destroy homes around him. When he realized his own house was still standing, he said he felt guilt rather than relief.
For many who lived through the attacks, the war’s aftermath brought a second shock: rapidly rising prices and shrinking access to basic necessities.
One resident interviewed by Etemad described it as “surreal” to walk past shops selling everyday goods that had suddenly become unaffordable.
Several Tehran newspapers reported last week that a kilogram of poultry meat had reached 1.5 million tomans, roughly one-tenth of an ordinary worker’s monthly salary.
Even some members of parliament, usually focused on rhetoric about national strength and resistance, publicly acknowledged the severity of rising food prices.
Hashemitaba contrasted the economic deterioration with what he described as unrealistic official ambitions elsewhere in the economy.
He recalled that in September 2023, then-President Ebrahim Raisi’s industry minister proudly showed him an electric vehicle and promised that 100,000 units would be produced by March. By spring, he wrote, it became clear that the display model was effectively the factory’s only output.
“How can a country that manufactures precision missiles fail to produce cars?” Hashemitaba wrote.
The worsening economic picture is also reinforcing arguments inside parts of Iran’s political establishment that some form of relief through negotiations with Washington may be unavoidable after months of war and financial turmoil.
While hardliners continue to frame diplomacy as resistance management rather than compromise, even some conservative figures have increasingly acknowledged the scale of economic pressure facing ordinary Iranians.
The strain is now extending beyond households. Cafés and restaurants in Tehran that once offered a temporary escape from political tensions and economic anxiety are also reportedly struggling to survive amid surging supply costs.
Government officials, including President Massoud Pezeshkian, who once tried to downplay the scale of the crisis, have increasingly acknowledged the depth of the country’s economic problems.
But hardline critics on Thursday attacked Pezeshkian simply for publicly recognizing the extent of public hardship—a reaction that underscored how disconnected parts of the political establishment appear from the realities facing many ordinary Iranians.
The UK Maritime Trade Operations (UKMTO) agency said threats in the Strait of Hormuz and Persian Gulf waters remain at a “critical” level, with commercial traffic through the strait still significantly reduced.
The agency also warned that mining risks and interference with satellite navigation systems remain ongoing concerns.
Separately, UKMTO said piracy threats in the region remain “severe”, with three merchant vessels still being held after hijackings earlier this spring.