More than 2 trillion won in funds were later confirmed to have flowed from the world's largest digital asset exchange Binance to Iran.

The New York Times reported on Feb. 23 (local time) that Iranians accessed about 1,500 Binance accounts over the past year and a total of $1.7 billion, about 2.46 trillion won, flowed to Iranian entities linked to terrorist groups.

Binance's internal investigative team confirmed the flow of funds and immediately reported it to management.

But Binance management fired or suspended at least four employees who took part in the investigation several weeks later, the NYT reported, citing multiple sources.

Binance explained that the investigators who were fired or suspended violated company rules while handling customer information, and said it deleted accounts linked to Iran.

Over several months after that, more than six investigators also left Binance, and this reportedly included the head of the company's compliance team.

Binance was founded in Shanghai, China in 2017 by Changpeng Zhao (趙長鵬), a Chinese-Canadian, and has since grown into the world's largest digital asset exchange.

Suspicions that Binance engaged in money laundering and tax evasion were strong because its corporate address on paper is in the Cayman Islands, its office is in Singapore and Zhao's personal address is in the United Arab Emirates (UAE).

The U.S. Securities and Exchange Commission and the Justice Department indicted Zhao on charges including money laundering, and he later admitted guilt and agreed to pay a $4.3 billion fine.

But the situation changed after President Donald Trump took office.

After long-term lobbying, including Binance contributing to World Liberty, a digital asset company of the Trump family, receiving a large investment, Zhao was pardoned in October last year.

[Yonhap News Agency]