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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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Iran Opposes Grossi’s UN Secretary-General Candidacy, Accuses Him of Failing to Uphold International Law
UN nuclear watchdog chief Rafael Grossi holds a press conference on the opening day of the International Atomic Energy Agency’s (IAEA) quarterly Board of Governors meeting in Vienna, Austria, Sept. 8, 2025. Photo: REUTERS/Elisabeth Mandl
Iran has publicly opposed International Atomic Energy Agency (IAEA) Director-General Rafael Grossi’s potential appointment as UN Secretary-General next year, accusing him of failing to uphold international law by not condemning US and Israeli strikes on Iranian nuclear sites during the 12-day war between Iran and Israel in June.
During a UN Security Council meeting on Monday, Iran’s Ambassador to the UN, Amir Saeid Iravani, sharply criticized Grossi, calling him unfit” to serve as UN Secretary-General next year, Iranian media reported.
“A candidate who has deliberately failed to uphold the UN Charter — or to condemn unlawful military attacks against safeguarded, peaceful nuclear facilities … undermines confidence in his ability to serve as a faithful guardian of the charter and to discharge his duties independently, impartially, and without political bias or fear of powerful states,” the Iranian diplomat said.
With UN Secretary-General Antonio Guterres’ term ending in December next year, member states have already begun nominating candidates to take over the role ahead of the expected 2026 election.
Since the start of the war in Gaza, Israel’s relationship with Guterres has spiraled downward, reaching a low point last year when then-Foreign Minister Israel Katz labeled the UN “antisemitic and anti-Israeli” and declared Guterres persona non grata after the top UN official failed to condemn Tehran for its ballistic missile attack against the Jewish state.
Last week, Argentina officially nominated Grossi to succeed Guterres as the next UN Secretary-General.
To be elected, a nominee must first secure the support of at least nine members of the UN Security Council and avoid a veto from any of its five permanent members — the United States, China, Russia, the United Kingdom, and France.
Afterward, the UN General Assembly votes, with a simple majority needed to confirm the organization’s next leader.
As head of the UN’s nuclear watchdog since 2019, Grossi has consistently urged Iran to provide transparency on its nuclear program and cooperate with the agency, efforts the Islamist regime has repeatedly rejected and obstructed.
Despite Iran’s claims that its nuclear program is solely for civilian purposes rather than weapons development, Western powers have said there is no “credible civilian justification” for the country’s nuclear activity, arguing it “gives Iran the capability to rapidly produce sufficient fissile material for multiple nuclear weapons.”
With prospects for renewed negotiations or nuclear cooperation dwindling, Iran has been intensifying efforts to rebuild its air and defense capabilities decimated during the 12-day war with Israel.
On Monday, Mohammad Eslami, head of the Atomic Energy Organization of Iran (AEOI), declared that the IAEA has no authority to inspect sites targeted during the June war, following Grossi’s renewed calls for Tehran to allow inspections of its nuclear sites and expand cooperation with the agency.
Iran has also announced plans to expand its nuclear cooperation with Russia and advance the construction of new nuclear power plants, as both countries continue to deepen their bilateral relations.
According to AEOI spokesperson Behrouz Kamalvandi, one nuclear power plant is currently operational, while other two are under construction, with new contracts signed during a recent high-level meeting in Moscow.
Kamalvandi also said Iran plans to build four nuclear power plants in the country’s southern region as part of its long-term partnership with Russia.
During a joint press conference in Moscow on Tuesday, Iranian Foreign Minister Abbas Araghchi reiterated Iran’s commitment to defending the country’s “legal nuclear rights” under the now-defunct 2015 nuclear deal, noting that Tehran’s nuclear policies have remained within the international legal framework.
Iran’s growing ties with Russia, particularly in nuclear cooperation, have deepened in recent years as both countries face mounting Western sanctions and seek to expand their influence in opposition to Western powers.
Russia has not only helped Iran build its nuclear program but also consistently defended the country’s “nuclear rights” on the global stage, while opposing the imposition of renewed economic sanctions.
Russian Foreign Minister Sergey Lavrov has described the reinstatement of UN sanctions against Iran as a “disgrace to diplomacy.”
In an interview with the Islamic Republic of Iran News Network (IRINN), Lavrov accused European powers of attempting to blame Tehran for the collapse of the 2015 nuclear deal, despite what he described as Iran’s compliance with the agreement.
Prior to the 12-day war, the IAEA flagged a series of Iranian violations of the deal.
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Eurovision Host Says It Will Not Drown Out Any Boos During Israel’s Performance
ORF executive producer Michael Kroen attends a press conference about the Eurovision Song Contest in Vienna, Austria, Dec. 16, 2025. Photo: REUTERS/Lisa Leutner
The host broadcaster of the next Eurovision Song Contest, Austria’s ORF, will not ban the Palestinian flag from the audience or drown out booing during Israel’s performance as has happened at previous shows, organizers said on Tuesday.
The 70th edition of the contest in May will have just 35 entries, the smallest number of participants since 2003, after five national broadcasters including those of Spain, Ireland, and the Netherlands said they would boycott the show in protest at Israel’s participation.
What is usually a celebration of national diversity, pop music, and high camp has become embroiled in diplomatic strife, with those boycotting saying it would be unconscionable to take part given the number of civilians killed in Gaza during Israel’s military campaign following the Palestinian terrorist group Hamas’s Oct. 7, 2023, invasion of and massacre across southern Israel.
“We will allow all official flags that exist in the world, if they comply with the law and are in a certain form – size, security risks, etc.,” the show’s executive producer, Michael Kroen, told a news conference organized by ORF.
“We will not sugarcoat anything or avoid showing what is happening, because our task is to show things as they are,” Kroen said.
AUSTRIA SUPPORTED ISRAEL PARTICIPATING
The broadcaster will not drown out the sound of any booing from the crowd, as happened this year during Israel’s performance, ORF’s director of programming Stefanie Groiss-Horowitz said.
“We won’t play artificial applause over it at any point,” she said.
Israel’s 2025 entrant, Yuval Raphael, was at the Nova music festival that was a target of the Hamas-led attack. The CEO of Israeli broadcaster KAN had likened the efforts to exclude Israel in 2026 to a form of “cultural boycott.”
ORF and the Austrian government were among the biggest supporters of Israel participating over the objections of countries including Iceland and Slovenia, which will also boycott the next contest in protest. ORF Director General Roland Weissmann visited Israel in November to show his support.
This year’s show drew around 166 million viewers, according to the European Broadcasting Union, more than the roughly 128 million who Nielsen estimates watched the Super Bowl.
The war in Gaza began after Hamas-led terrorists killed 1,200 people, most of them civilians, and seized 251 hostages in an attack on southern Israel.
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Antisemitism Allowed to Fester in Australia, Says Daughter of Wounded Holocaust Survivor
Victoria Teplitsky, daughter of a Holocaust survivor who was wounded at the Bondi shootings, stands at a floral memorial in honor of the victims of the mass shooting targeting a Hanukkah celebration on Sunday, at Bondi Beach, in Sydney, Australia, Dec. 16, 2025. Photo: REUTERS/Jeremy Piper
Government authorities have not done enough to stamp out hatred of Jews in Australia, which has allowed it to fester in the aftermath of Oct. 7, said the daughter of a Holocaust survivor who was wounded at the Bondi shootings on Sunday.
Victoria Teplitsky, 53, a retired childcare center owner, said that the father and son who allegedly went on a 10-minute shooting spree that killed 15 people had been “taught to hate,” which was a bigger factor in the attack than access to guns.
“It’s not the fact that those two people had a gun. It’s the fact that hatred has been allowed to fester against the Jewish minority in Australia,” she told Reuters in an interview.
“We are angry at our government because it comes from the top, and they should have stood up for our community with strength. And they should have squashed the hatred rather than kind of letting it slide,” she said.
“We’ve been ignored. We feel like, are we not Australian enough? Do we not matter to our government?”
The attackers fired upon hundreds of people at a Jewish festival during a roughly 10-minute killing spree, forcing people to flee and take shelter before both were shot by police.
RISING ANTISEMITIC ATTACKS
Antisemitic incidents have been rising in Australia since the war in Gaza erupted after Palestinian terrorist group Hamas killed 1,200 Israelis in an attack on Oct. 7, 2023.
A rise in such incidents in the past sixteen months prompted the head of the nation’s main intelligence agency to declare that antisemitism was his top priority in terms of threat.
“This was not a surprise to the Jewish community. We warned the government of this many, many times over,” Teplitsky said.
“We’ve had synagogues that have been graffitied, graffiti everywhere, and we’ve had synagogues that have been bombed,” she added, referring to a 2024 arson attack in Melbourne in which no one was killed.
Teplitsky’s father Semyon, 86, bled heavily after being shot in the leg, and now is facing several operations as doctors piece bone back together with cement, then remove the cement from the leg, which he still may lose, she said.
“He’s in good spirits, but he’s also very angry. Angry that this happened, that this was allowed to happen in Australia, the country that he took his children to, to be safe, to be away from antisemitism, to be away from Jew hatred.”
Israel’s Prime Minister Benjamin Netanyahu said on Monday that Australian Prime Minister Anthony Albanese “did nothing” to curb antisemitism.
Albanese repeated on Tuesday Australia‘s support for a two-state solution. Anti-Israel, pro-Hamas protests have been common in Australia since Israel launched its offensive in Gaza.
At a press briefing on Monday, Albanese read through a list of actions his government had taken, including criminalizing hate speech and incitement to violence and a ban on the Nazi salute. He also pledged to extend funding for physical security for Jewish community groups.
