Iranian tycoon Babak Zanjani, whom the US has sanctioned for processing funds for Iran’s Revolutionary Guards, carried out cryptocurrency transactions worth some $850 million on behalf of the regime on the world’s largest crypto exchange, Binance, according to a report in the Wall Street Journal.

The transactions are said to have taken place over two years, with most of them originating from a single trading account that was active for at least 15 months as of January, a month before the start of the US-Israel war against Iran. The report said “the vast sums show how Binance has been used as a financial artery for the IRGC,” using the acronym for Iran’s powerful Islamic Revolutionary Guard Corps.

The transactions,…