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Crypto’s Role in Iran’s Global Terrorism Exposed by New Lawsuit Against Binance
The logo of cryptocurrency exchange Binance. Illustration: Reuters/Dado Ruvic
Cryptocurrency has come under increasing scrutiny for its alleged role in subverting the United States’ sanctions against Iranian state-sponsored terrorism, with the world’s top platform receiving an unwanted spotlight this week.
On Monday, lawyers in North Dakota sued Binance, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao, alleging the company had facilitated more than $1 billion in funding to designated terrorist groups backed by the Islamic regime in Iran. The US federal lawsuit was filed on behalf of victims of Hamas’s Oct. 7, 2023, invasion of and massacre across southern Israel.
The suit represents the latest instance of cryptocurrency allegedly playing a role in Iran’s efforts to destroy the Jewish state. Leaders of Iran and its network of terrorist groups named in the complaint, including Hamas, Hezbollah, and Palestinian Islamic Jihad (PIJ), routinely declare their goal of wiping Israel off the map.
Israel has previously clashed with Binance in its counter-terrorism efforts. In May 2023, the Jewish state seized nearly 200 accounts on the platform linked to Islamist groups, including ISIS. In November 2022, researchers at Nobitex said that since 2018, Binance had processed $7.8 billion through Iran-linked accounts.
This week’s suit adds further evidence of the recurring link between Iranian terrorism and cryptocurrency, identifying the high profit potential for those willing to attempt to dodge US sanctions against terror financing.
Binance has declined to discuss the lawsuit but told Reuters that “we comply fully with internationally recognized sanctions laws.”
Jonathan Missner, the attorney who represents the Oct. 7 victims and their families named as plaintiffs in the suit, said that Binance’s alleged facilitating of payments to terror groups “was not a compliance” but rather “a business model.”
“Our investigation shows that Binance built systems designed to evade oversight, using its off-chain network and weak controls to move enormous sums for sanctioned groups,” he said in a statement.
The lawsuit states that “by knowingly moving and concealing the movement of hundreds of millions of dollars for Hamas, the IRGC [Iran’s Islamic Revolutionary Guard Corps], Hezbollah, and PIJ, Defendants Binance Holdings Limited, Changpeng Zhao, and Guangying ‘Heina’ Chen provided pervasive and systemic assistance to these terrorist organizations.”
Chen is described in the suit as a co-founder of Binance and “de facto CFO.” The lawsuit charges that Zhao and Chen “materially contributed to the Oct. 7 attacks and to subsequent terrorist attacks perpetrated by Hamas, Hezbollah, and PIJ.”
One of the plaintiffs named in the suit is Eyal Balva, whose son Omer died in combat following the Oct. 7 atrocities while serving in the Israel Defense Forces. “Binance’s platform moved the money that helped fund the violence that destroyed our family,” he said.
Zhao and Binance — the world’s largest crypto trading platform with $300 billion in daily trades and more than 280 million users — have previously faced penalties for criminality. As part of a 2023 settlement agreement with the US Treasury Department’s Financial Crimes Enforcement Network, Binance paid $4.3 billion in fines and restitution. Zhao was previously convicted of money laundering and served four months imprisonment. US President Donald Trump pardoned Zhao, with analysts noting the decision came following a sizable investment by Binance into the Trump family Crypto exchange platform World Liberty Financial.
The lawsuit also notes a money laundering scheme involving transferring gold from Venezuela to Iran to overcome American sanctions, and that Binance “pitched itself to terrorist organizations, narcotics traffickers, and tax evaders as beyond the reach of any single country’s laws or regulations.”
On Wednesday, Iran’s Foreign Minister Abbas Araghchi put out a statement condemning the possibility of potential US military action against Venezuela, labeling the Trump administration’s posture a “bullying approach.”
The filing against Binance comes in a year in which Australian authorities have highlighted the alleged role of cryptocurrency in directing antisemitic hate crimes in Melbourne and Sydney, prompting the expulsion of Iran’s ambassador in August.
Australian Security Intelligence Organization (Asio) chief Mike Burgess said that his team had found connections “between the alleged crimes and the commanders in Iran’s Islamic Revolutionary Guard Corps, the IRGC.”
He added, “They’re just using cut-outs, including people who are criminals and members of organized crime gangs to do their bidding or direct their bidding.”
Cryptocurrency has long functioned as a tool of Iran to evade US sanctions. The high energy costs from the so-called “mining” of cryptocurrency — powerful computers must run complex programs in order to generate additional tokens for trading — has put a strain on Iran’s electrical system. Mohammad Allahdad, Iran’s deputy director of power generation, said that the business practice “represents around 5 percent of total electricity consumption” and “it accounts for up to 20 percent of the current power deficit.”
Allahdad also warned that the heat from crypto mining devices was “intense” and could cause fires. “We’ve had multiple reports from fire departments about fires linked to mining rigs, some of which spread to neighboring homes,” he noted.
Now is potentially the worst time for fires in Iran, given a persistent devastating drought and ongoing government mismanagement of the water system. The situation has reached the point that Iran’s president said last week that the country had “no choice” but to evacuate and move the capital Tehran.
“The truth is, we have no choice left — relocating the capital is now a necessity,” Iranian President Masoud Pezeshkian said in a speech.
The US State Department recently noted that Iran has provided Lebanese Hezbollah with more than $100 million each month this year. Critics of the regime have pointed out that funds spent in the war effort to destroy Israel could have gone toward improving infrastructure to better support the civilian population. Analysts at the Center for Strategic and International Studies noted that one-third of the water supply to Tehran is lost through leaks and theft.
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German Antisemitism Commissioner Targeted With Death Threat Letter After Arson Attack on Home
Andreas Büttner (Die Linke), photographed during the state parliament session. The politician was nominated for the position of Brandenburg’s anti-Semitism commissioner. Photo: Soeren Stache/dpa via Reuters Connect
Andreas Büttner, the commissioner for antisemitism in the state of Brandenburg in northeastern Germany, has been targeted the second attack in under a week after receiving a death threat, sparking outrage and prompting local authorities to launch a full investigation.
According to the German newspaper Potsdamer Neueste Nachrichten (PNN), the Brandenburg state parliament received a letter on Monday threatening Büttner’s life, with the words “We will kill you” and an inverted red triangle, the symbol of support for the Islamist terrorist group Hamas.
State security police have examined the anonymous letter under strict safety measures, determining that a gray substance inside was harmless. Authorities are now probing the incident as part of an ongoing investigation into threats against the German official.
Ulrike Liedtke, president of the Brandenburg state parliament, condemned the latest attack on Büttner, describing the death threats and harassment as “completely unacceptable.”
“Threats and violence are not a form of political discourse, but crimes against humanity,” Liedtke said. “Andreas Büttner has our complete support and solidarity.”
A former police officer and member of the Left Party, Büttner took office as commissioner for antisemitism in 2024 and has faced repeated attacks since.
On Sunday night, Büttner’s private property in Templin — a town located approximately 43 miles north of Berlin — was targeted in an arson attack, and a red Hamas triangle was spray-painted on his house.
The home of Germany’s antisemitism commissioner, Andreas Büttner, was set on fire overnight in a targeted attack.
His family was inside the house at the time.
This is the second attack against Büttner in the past 16 months. His car was previously vandalized with swastikas. This… pic.twitter.com/cAbFnMIwQ7
— Combat Antisemitism Movement (@CombatASemitism) January 5, 2026
According to Büttner, his family was inside the house at the time of the attack, marking the latest assault against him in the past 16 months.
“The symbol sends a clear message. The red Hamas triangle is widely recognized as a sign of jihadist violence and antisemitic incitement,” Büttner said in a statement after the incident.
“Anyone who uses such a thing wants to intimidate and glorify terror. This is not a protest, it is a threat,” he continued.
Hamas uses inverted red triangles in its propaganda videos to indicate Israeli targets about to be attacked. The symbol, a common staple at pro-Hamas rallies, has come to represent the Palestinian terrorist group and glorify its use of violence.
In August 2024, swastikas and other symbols and threats were also spray-painted on Büttner’s personal car.
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Harvard President Blasts Scholar Activism, Calls for ‘Restoring Balance’ in Higher Ed
Harvard University President Alan Garber speaks during the 374th Commencement exercises at Harvard University in Cambridge, Massachusetts, US, May 29, 2025. Photo: REUTERS/Brian Snyder
Harvard University president Alan Garber, fresh off a resounding endorsement in which the Harvard Corporation elected to keep him on the job “indefinitely,” criticized progressive faculty in a recent podcast interview for turning the university classroom into a pulpit for the airing of their personal views on contentious political issues.
Garber made the comments last week on the “Identity/Crisis Podcast,” a production of the Shalom Hartman Institute, a Jewish think tank which specializes in education research.
“I think that’s where we went wrong,” Garber said, speaking to Yehuda Kurtzer. “Because think about it, if a professor in a classroom says, ‘This is what I believe about this issue,’ how many students — some of you probably would be prepared to deal with this, but most people wouldn’t — how many students would actually be willing to go toe to toe against a professor who’s expressed a firm view about a controversial issue?”
Garber continued, saying he believes higher education, facing a popular backlash against what critics have described as political indoctrination, is now seeing a “movement to restore balance in teaching and to bring back the idea that you really need to be objective in the classroom.”
He added, “What we need to arm our students with is a set of facts and a set of analytic tools and cultivation of rigor in analyzing these issues.”
Coming during winter recess and the Jewish and Christian holidays, Garber’s interview fell under the radar after it was first aired but has been noticed this week, with some observers pointing to it as evidence that Harvard is leading an effort to restore trust in the university even as it resists conceding to the Trump administration everything it has demanded regarding DEI (diversity, equity, and inclusion), viewpoint diversity, and expressive activity such as protests.
As previously reported by The Algemeiner, Garber has spent the past two years fighting factions from within and without the university that have demanded to steer its policies and culture — from organizers of an illegal anti-Israel encampment to US President Donald Trump, who earlier this year canceled $2.26 billion in public money for Harvard after it refused to grant his wishlist of reforms for which the conservative movement has clamored for decades.
Even as Harvard tells Trump “no,” it has enacted several policies as a direct response to criticisms that the institution is too permissive of antisemitism for having allowed anti-Zionist extremism to reach the point of antisemitic harassment and discrimination. In 2025, the school agreed to incorporate into its policies a definition of antisemitism supported by most of the Jewish community, established new rules governing campus protests, and announced new partnerships with Israeli academic institutions. Harvard even shuttered a DEI office and transferred its staff to what will become, according to a previous report by The Harvard Crimson, a “new Office of Culture and Community.” The paper added that Harvard has even “worked to strip all references to DEI from its website.”
Appointed in January 2024 as interim president, Garber — who previously served in roles as Harvard’s provost and chief academic officer — rose to the top position at America’s oldest and, arguably, most prestigious institution at a time when the job was least desirable. At the time, Harvard was being pilloried over some of its students cheering Hamas’s Oct. 7, 2023, massacre across southern Israel and even forming gangs which mobbed Jewish students wending their way through campus; the university had suffered the embarrassment of its first Black president being outed as a serial plagiarist, a stunning disclosure which called into question its vetting procedures as well as its embrace of affirmative action; and anti-Israel activists on campus were disrupting classes and calling for others to “globalize the intifada.”
Garber has since won over the Harvard Corporation, which has refused to replace him during a moment that has been described as the most challenging in its history.
“Alan’s humble, resilient, and effective leadership has shown itself to be not just a vital source of calm in turbulent times, but also a generative force for sustaining Harvard’s commitment to academic excellence and to free inquiry and expression,” Harvard Corporation senior fellow Penny Pritzker said in a statement issued on behalf of the body, which is the equivalent of a board of trustees. “From restoring a sense of community during a period of intense scrutiny and division to launching vital new programs on viewpoint diversity and civil discourses and instituting new actions to fight antisemitism and anti-Arab bias, Alan has not only stabilized the university but brought us together in support of our shared mission.”
Follow Dion J. Pierre @DionJPierre.
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Holocaust Survivors Sent Care Packages to Oct. 7 Hostages for Hanukkah
The Menorah for Hanukkah on the Square 2025 in Trafalgar Square, London, United Kingdom, Dec. 14, 2025. Photo: Matthew Chattle/Cover Images via Reuters Connect
Survivors of the Holocaust spread holiday cheer this Hanukkah by delivering care packages to a group of 20 hostages whom the terrorist group Hamas recently released from captivity to fulfill the requirements of a ceasefire which suspended hostilities with Israel.
The gifts, dropped off at the Israeli consulate office in New York City, was made possible by The Blue Card, the only US-based charity organization which provides financial assistance and other services to survivors of the Holocaust. Originally founded in 1934 to assist Jews who had fled Germany to escape Hitler’s persecution of the country’s Jews, it has operated ceaselessly for nearly a century.
Over the past two years, the world has seen a revival of antisemitism unlike any since the period in which The Blue Card was founded, sparked by the Hamas-led Oct. 7, 2023, massacre that claimed the lives over of 1,200 Israelis and stole years and even more lives from 251 more who were kidnapped and held hostage in Gaza.
Some of the hostages who survived captivity have been released in stages since Israel and Hamas agreed on a ceasefire in October, and on Monday, Blue Card executive director Masha Pearl said the organization felt it necessary to reach out to them due to their having experienced a plight that is painfully familiar to what its clients endured in Europe during the Holocaust. Pearl also discussed the Bondi Beach mass shooting, in which a father and son inspired by Islamism opened fire on Jews celebrating the start of Hanukkah, murdering 15 people and injuring 40 others.
“Holocaust survivors and former hostages share a uniquely painful bond shaped by survival and resilience,” Pearl said. “After witnessing a mass shooting at a Chanukah event in Sydney, it felt even more urgent for our survivors to deliver these care packages now, spreading light at a moment that feels dark for the entire Jewish world. The resilience of the Holocaust survivors we assist, the former hostages, and now the survivors of the attack in Australia remind us that even in the face of hatred and violence, the Jewish people remain united.”
In a press release Blue Card said the care packages “carried profound meaning,” being filled to the brim with goods of all sorts, from blankets and water bottles to chap stick and even handwritten notes from the Holocaust survivors who sent them.
Follow Dion J. Pierre @DionJPierre.
