Binance plans return to UK market amid allegations it facilitated billions in transfers for Iran

Binance, the world’s largest cryptocurrency exchange by trading volume, is planning a return to the United Kingdom years after regulators effectively shut it out of the market. The exchange is simultaneously facing allegations that it facilitated billions of dollars in fund transfers connected to Iran. The Telegraph reported that Binance is actively working toward re-entering the UK, a market it was forced to retreat from after the Financial Conduct Authority revoked its authorization in June 2021. The exchange has denied wrongdoing related to the Iran allegations, insisting it takes compliance seriously. The Iran problem An estimated $8 billion in Iran-related trading has reportedly flowed through Binance since 2018. Roughly $1.7 billion in transactions from Binance-linked accounts were traced to Iranian entities as of February 2026. The Wall Street Journal separately reported that $850 million in transactions were connected to a key Iranian financier by May 2026. Binance settled a $4.3 billion enforcement action with US authorities in late 2023, which included charges related to sanctions violations. Founder Changpeng Zhao served a four-month prison sentence as part of that resol...