> People in Iran had gained access to more than 1,500 accounts on the Binance platform over the previous year. About $1.7 billion had flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions. And one of those accounts belonged to a Binance vendor.
> After uncovering the transactions, the investigators reported them to top executives, according to company records and other documents reviewed by The New York Times.
> Within weeks, Binance fired or suspended at least four employees involved in the investigation, according to the documents and three people with knowledge of the situation. The company cited issues such as “violations of company protocol” related to the handling of client data.
[..]
> But internal warnings about the Iranian transactions surfaced last year, in the months before President Trump granted a pardon to Binance’s founder, Changpeng Zhao, who had spent four months in federal prison in 2024 for his role in the firm’s crimes. The Trump family’s crypto start-up, World Liberty Financial, has forged close business ties with Binance, and Mr. Zhao was a guest this month at a conference at Mar-a-Lago, Mr. Trump’s club in Palm Beach, Fla.
A "few seconds" to pay in bitcoin? So the captain is supposed to be watching for a response via email with his finger hovering over the pay button? Is the recipient address static? Surely they would use unique payment addresses if they have any hope of obfuscating payments.
This all sounds more like a TV show script than an actual thought-out plan to me.
The payments are going to a government. They're not using bitcoin to hide the payments, they're using it because receiving USD or Euros or whatever would mean that a hostile government could seize the funds from the bank.
The tracking is unique though. I don't know who had the $20 in my wallet before me or what series of payments it was a part of, but crypto has the curious property that over time, essentially all crypto money will have at some point passed through wallets associated with controversial entities or transactions.
Transaction fees are based on the complexity of the inputs/outputs, not the value transacted. You are literally paying for the minimum amount of data necessary to prove you own the funded sending-address, paying to write those hashes and amounts into the blockchain. The institution handling this offchaing lightning branch can implement fees in whatever structure you agree to transact, including percentage based.
Lightning is just an off-chain out-branch, which will eventually be re-integrated onto the main blockchain (based on its original funding/terms). The benefit of this is that single entities can branch off the main blockchain, which is limited in its total blocksize/capacity.
The only limits are those by the handling lightning institution. This differs from bitcoin's main public blockchain, which rewards/creates approximately six blocks /hour, each with a limit of just a couple megabytes.
Lightning is a protocol and there can theoretically be many disjoint networks. The biggest network is usually what's considered to be 'the' lightning network. Double spending, which would require 'settling' a superseded lightning transaction, is prevented by a penalty mechanism that makes it so the malicious party loses all the funds in their 'channel' when caught (which will be, at smallest, the amount the original payment was made for).
I'm still thrown. I don't see how an after the fact penalty can work.
Let's say I have 1 BTC. I buy something for 1 BTC on lightning network A. Simultaneously (within nanoseconds) I buy something for 1 BTC on lightning network B. I never plan to use BTC again (or if I do, I will use a different wallet, etc.) Do I just get two purchases? Is there a meta-network clearing house, and if so, why are there many disjoint networks.
Or do I need to have moved my BTC into the lightning network A or B before I spend it?
You have to commit the money upfront into not just the network, but the link on the network.
Basically a Lightning connection (or channel) is two parties locking up some money (in any amount and any split they want) and then repeatedly re-agreeing on what the current split is. At any time they can close the channel which unlocks the money according to the latest agreed split. It's cleverly set up so that if either one cheats (by trying to finalize an earlier split), the other one gets to overrule it and keep 100%.
The most money that can be transferred is when the split is 100% to one party. Then you need to finalize it and create a new one.
It's not as magical as its proponents think. It is better than the base protocol in some cases - if you have connections and money. The sender having to lock up actual money in advance, in the maximum amount they can foresee sending, is a real buzz killer for the sender. And if the sender is some central relay - if you want to receive via a central relay and not peer to peer - you'll have to convince them why they should do that. Usually by actually prepaying, in real bitcoins, a few percent of what you want them to lock. Which is more than the transaction fee for a nontrivial base layer transaction.
To date, my own full verification node rejects all lightning/segwit blocks, until a concensus level of 6+ is reached. I think both were BIP errors, but rejoined the main concensus network ~2018.
Also participated in the O.G. bitcoin hardfork, back in August 2017, supporting the larger_blocks camp (but now mainchain, only).
It also takes a week to get your money when finalizing the channel. This is because the other party has a week to post on the blockchain a proof that you cheated. Only if no cheating proof is posted can you actually finalize the channel.
On the main chain, bitcoin transactions can have "scripts" that describes who and under what condition this money can be spent.
You have to lock your bitcoin on the main chain in a script that shares the bitcoin between you, and another lightning network user (typically a hub)
The trick is that a lightning transaction happen by signing transactions to the other party that changes the way the bitcoins are split, without broadcasting it to the main chain. You only broadcast to the main chain when you want to unlock the bitcoin.
Broadcasting an earlier transaction will result of you losing the found because subsequent transaction contains secrets that allow the other party to take them.
So I allocate my one BTC to lightning network A, so I can spend it there. I try to spend it on lightning network B and it rejects the spend because it's allocated to A in the main blockchain, even if I never spent it on A. There exists some mechanism for me to switch my bitcoin to B (by broadcasting on the main chain)... maybe? But then A needs to sign off that I don't have pending transactions?
Normally, network A and network B would be connected by a path, so your bitcoins can be routed through the destination by moving balances of each intermediaries. If there is no route to the destination, you can't send them as is. You'd need to take the bitcoin out of network A and open a channel with B. And that's operations on the main chain so it may take some time.
Once you've allocated BTC, you cannot doublespend it elsewhere (well, you can try, but verification nodes will reject it so the blockchain will never accept).
> Transaction fees are based on the complexity of the inputs/outputs, not the value transacted
Not on the lightning network. Fees are used to incentivize or disincentivize routes across channels.
> The institution handling this offchaing lightning branch can implement fees in whatever structure you agree to transact, including percentage based.
No institution is needed. Even if one is used as an intermediary, when using lightning non-custodially, the economics of lightning are such that fees are determined by the nodes in the payer's desired route. If it's a custodial transfer from one user to another, no routes are needed.
No way they're boarding boats. They can get an accurate enough cargo weight within seconds visually (maybe minutes, depending on how computerized it is)
Why would you want to obfuscate payments if you can track how many ships entered the gulf using transponders? Regarding money laundering, you use Tornado Cash or Monero
Does this mean ceasefire is now broken? The 10 point plan was to be discussed later in the peace talks, but what was the exact conditions that predicated the ceasefire?
Definitively if they agreed to it as part of the ceasefire. What did each part actually agree to when they agreed to a ceasefire? There doesn't seem to be much concrete information about that part.
The ceasefire agreement was mediated by Shehbaz Sharif, the prime minister of Pakistan. He announced yesterday that the US and Iran had agreed to a ceasefire everywhere, including Lebanon. They agreed to base negotiations on Iran's 10-point proposal. [1] Trump released his own statement that the US was agreeing to the ceasefire, again using Iran's 10-point proposal as a basis. [2] Benjamin Netanyahu announced that Israel would comply with the ceasefire. [3] Hours later, Israel carried out a brutal strike on dense commercial and residential areas in Southern Lebanon without warning, killing at least 254 people and injuring more than 1,000 others. [4] The IRGC announced that if Trump didn't rein in Israel, Iran would exit the ceasefire arrangement. [5] Trump then told a reporter that Lebanon was not in the deal, contradicting Sharif's statement. [6] In response, Iran's speaker of the parliament released a statement outlining how the US had violated three of Iran's 10 points and that he viewed a bilateral ceasefire as now being unreasonable. [7]
> Benjamin Netanyahu announced that Israel would comply with the ceasefire. [3]
That's not really what the source says. There is no ceasefire agreement in force at all (only a basis for negotiations with Iran), let alone one that covers Hezbollah.
You're right that Netanyahu's statement contradicts Sharif's statement, which says that "the Islamic Republic of Iran and the United States of America, along with their allies" agreed to the immediate ceasefire. It makes me wonder what was going on behind the scenes.
> Multiple diplomatic sources told CBS News that President Trump had been told that the ceasefire announced Thursday would apply to the Middle East region, and he agreed that included Lebanon. Mediators believed the ceasefire to include Lebanon, and Pakistani Prime Minister Shehbaz Sharif announced that it did. Araghchi also said it was included.
> On the day of the ceasefire, a White House official told CBS News that Israel had also agreed with the terms of the deal that Pakistan had helped to broker.
> However, the U.S. position shifted following a phone call between Netanyahu and Mr. Trump. Two sources familiar with the matter told CBS News that the changing U.S. positions, and the disjointed remnant of the regime in Iran, are making the diplomacy highly complex.
> Vice President JD Vance told reporters on Wednesday that there was a "legitimate misunderstanding" about the terms of the ceasefire, but he placed blame on the Iranians for misunderstanding that it included their proxy forces in Lebanon.
It's great to see that Israel has veto power over US foreign policy.
In other words, negotiations are underway and Israel hasn't agreed to anything yet, but some people went ahead and declared peace in the Middle East anyway.
Like any other state, Israel has the ability to enter into its own agreements; no one can consent on its behalf and then inform it that it's part of a deal.
As best I can tell, the Iranian regime and Sharif both said that they ceasefire included a cease to strikes on Lebanon, Netanyahu explicitly said that it did not, and the Trump admin, Lebanon, and Hezbollah have not yet commented either way.
Iran is ATM saying it closed the Strait again, implied that it will wait until Israel stand down at least.
Even if USA insist on Israel-Hezbollah (and so Lebanon) be kept apart from any deal to end their war in Iran, it would still mean a terrible strategic and diplomatic disaster between USA and Israel, because Israel Gov' will be left with two terrible scenarios:
1) Trump Admin' will concede to Iran they'd be leaving the region and leaving Israel to defend itself alone, because the Hormuz being open for business and the Gulf states being spared would be enough; or
2) USA will have to resume hostilities, meaning domestically Trump will have to explain the US Military is obliged to continue the war effort for as long as Israel want.
IMHO don't see how Israel-US can politically survive those two scenarios.
I think only the US is not bombing anyone for the time being. I think, and hope, they will slowly pull out of there and not fuck up the status quo any further.
I suspect more fighting in Lebanon means less oil through Hormuz. Iran kept its definition of "open" vague. Everyone is keeping the pressure up during negotiations.
too early to say. You always ask for more than you can possibly get in these things so that you have something to compromise on (it is stupid but that is how that game is played)
There was never going to be a ceasefire. It was just Taco Tuesday and yet another market manipulation day. Republicans and Democrats ruled by whoever has original Epstein files are just filling their boots.
It is interesting in several different ways, because I was speculating on how it is being done before current cease fire. Everything seemed to be point to Yuan ( or other non-USD currencies ), which then are more easily settled by vessel owners and likely buried under some non-descript names like fees to be , maybe, questioned later its all done.
edit: And it seems I was wrong despite it being my initial thought in terms of used rail.
I did a double-take at it being Bitcoin fees, since you'd think they'd want some stablecoin (even if not USD) so as to avoid inheriting the volatility, but no, they want Bitcoin specifically:
>“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” FT reported, citing Hosseini.
”Hosseini said that each tanker must email authorities about its cargo, after which Iran will inform them of the toll to be paid in digital currencies.
“He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely.
“‘Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,’ Hosseini added.”
I personally think is the US's Teutoburg Forest moment [1]. Rome was capable of rebuilding legions. After all, they'd done so historically (eg after the Battle of Cannae [2]) but Teutoburg really exposed the rot and dysfunction within the Rome. I personally believe this event will be a turning point in redefining the relationships with Europe, the Gulf states and Israel.
Details on this deal are sketchy but it seems like Iran will continue charging a toll for the Strait of Hormuz (of approximately $1/barrel). You hear figures like $2 million but bear in mind that VLCCs/ULCCs can carry 2M+ barrels of oil. Also, it seems like there will be significant sanctions relief.
Here's the problem: how does Iran get paid? Normally that would be through international payments systems but the US exerts a lot of control over those and can freeze assets as they've done in the past. Part of the payments under the previous JCPOA [3] were to return money paid to Iran for oil where those payments had been frozen. Russia got locked out of SWIFT after the Ukraine invasion [4] as another example.
So I see this as a defensive and potentially temporary move to avoid the risk of asset seizure and freezing should hostilities resume. Iran may well end up with access to international payments systems again in the coming weeks, at which point this could all change.
It is interesting that crypto is being used for this but that just goes to the point that the use case for crypto is to bypass laws. That's no different here.
I think this war will be the moment that historians mark as the death of Pax Americana. The US failed to change the Iranian regime, failed to open the strait, and now a previously international waterway will be tolled in a currency other than the dollar.
277 comments
https://www.nytimes.com/2026/02/23/technology/binance-employ...
> People in Iran had gained access to more than 1,500 accounts on the Binance platform over the previous year. About $1.7 billion had flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions. And one of those accounts belonged to a Binance vendor.
> After uncovering the transactions, the investigators reported them to top executives, according to company records and other documents reviewed by The New York Times.
> Within weeks, Binance fired or suspended at least four employees involved in the investigation, according to the documents and three people with knowledge of the situation. The company cited issues such as “violations of company protocol” related to the handling of client data.
[..]
> But internal warnings about the Iranian transactions surfaced last year, in the months before President Trump granted a pardon to Binance’s founder, Changpeng Zhao, who had spent four months in federal prison in 2024 for his role in the firm’s crimes. The Trump family’s crypto start-up, World Liberty Financial, has forged close business ties with Binance, and Mr. Zhao was a guest this month at a conference at Mar-a-Lago, Mr. Trump’s club in Palm Beach, Fla.
This all sounds more like a TV show script than an actual thought-out plan to me.
The tracking is unique though. I don't know who had the $20 in my wallet before me or what series of payments it was a part of, but crypto has the curious property that over time, essentially all crypto money will have at some point passed through wallets associated with controversial entities or transactions.
Lightning is just an off-chain out-branch, which will eventually be re-integrated onto the main blockchain (based on its original funding/terms). The benefit of this is that single entities can branch off the main blockchain, which is limited in its total blocksize/capacity.
The only limits are those by the handling lightning institution. This differs from bitcoin's main public blockchain, which rewards/creates approximately six blocks /hour, each with a limit of just a couple megabytes.
It seems like a major issue when dealing with multimillion dollar transactions.
Let's say I have 1 BTC. I buy something for 1 BTC on lightning network A. Simultaneously (within nanoseconds) I buy something for 1 BTC on lightning network B. I never plan to use BTC again (or if I do, I will use a different wallet, etc.) Do I just get two purchases? Is there a meta-network clearing house, and if so, why are there many disjoint networks.
Or do I need to have moved my BTC into the lightning network A or B before I spend it?
Basically a Lightning connection (or channel) is two parties locking up some money (in any amount and any split they want) and then repeatedly re-agreeing on what the current split is. At any time they can close the channel which unlocks the money according to the latest agreed split. It's cleverly set up so that if either one cheats (by trying to finalize an earlier split), the other one gets to overrule it and keep 100%.
The most money that can be transferred is when the split is 100% to one party. Then you need to finalize it and create a new one.
It's not as magical as its proponents think. It is better than the base protocol in some cases - if you have connections and money. The sender having to lock up actual money in advance, in the maximum amount they can foresee sending, is a real buzz killer for the sender. And if the sender is some central relay - if you want to receive via a central relay and not peer to peer - you'll have to convince them why they should do that. Usually by actually prepaying, in real bitcoins, a few percent of what you want them to lock. Which is more than the transaction fee for a nontrivial base layer transaction.
To date, my own full verification node rejects all lightning/segwit blocks, until a concensus level of 6+ is reached. I think both were BIP errors, but rejoined the main concensus network ~2018.
Also participated in the O.G. bitcoin hardfork, back in August 2017, supporting the larger_blocks camp (but now mainchain, only).
You have to lock your bitcoin on the main chain in a script that shares the bitcoin between you, and another lightning network user (typically a hub)
The trick is that a lightning transaction happen by signing transactions to the other party that changes the way the bitcoins are split, without broadcasting it to the main chain. You only broadcast to the main chain when you want to unlock the bitcoin. Broadcasting an earlier transaction will result of you losing the found because subsequent transaction contains secrets that allow the other party to take them.
> Transaction fees are based on the complexity of the inputs/outputs, not the value transacted
Not on the lightning network. Fees are used to incentivize or disincentivize routes across channels.
> The institution handling this offchaing lightning branch can implement fees in whatever structure you agree to transact, including percentage based.
No institution is needed. Even if one is used as an intermediary, when using lightning non-custodially, the economics of lightning are such that fees are determined by the nodes in the payer's desired route. If it's a custodial transfer from one user to another, no routes are needed.
I imagine the seconds to pay won't be true - if they are exchanging emails and inspecting boats it's going to be an hours to days long process.
It would, at the very least, alienate the gulf states and would likely result in international sanctions.
> So the captain is supposed to be watching for a response via email with his finger hovering over the pay button?
no, mate
But ultimately Nixon was right. America getting out of Vietnam was a good thing.
[1] https://x.com/CMShehbaz/status/2041665043423752651
[2] https://truthsocial.com/@realDonaldTrump/posts/1163657967133...
[3] https://x.com/IsraeliPM/status/2041714151374856232
[4] https://www.aljazeera.com/news/2026/4/8/hundreds-of-casualti...
[5] https://x.com/Tasnimnews_EN/status/2041886432239788297
[6] https://x.com/ElizLanders/status/2041878299454955640
[7] https://x.com/mb_ghalibaf/status/2041943537386958858
> Benjamin Netanyahu announced that Israel would comply with the ceasefire. [3]
That's not really what the source says. There is no ceasefire agreement in force at all (only a basis for negotiations with Iran), let alone one that covers Hezbollah.
> Multiple diplomatic sources told CBS News that President Trump had been told that the ceasefire announced Thursday would apply to the Middle East region, and he agreed that included Lebanon. Mediators believed the ceasefire to include Lebanon, and Pakistani Prime Minister Shehbaz Sharif announced that it did. Araghchi also said it was included.
> On the day of the ceasefire, a White House official told CBS News that Israel had also agreed with the terms of the deal that Pakistan had helped to broker.
> However, the U.S. position shifted following a phone call between Netanyahu and Mr. Trump. Two sources familiar with the matter told CBS News that the changing U.S. positions, and the disjointed remnant of the regime in Iran, are making the diplomacy highly complex.
> Vice President JD Vance told reporters on Wednesday that there was a "legitimate misunderstanding" about the terms of the ceasefire, but he placed blame on the Iranians for misunderstanding that it included their proxy forces in Lebanon.
It's great to see that Israel has veto power over US foreign policy.
Like any other state, Israel has the ability to enter into its own agreements; no one can consent on its behalf and then inform it that it's part of a deal.
Links to Pakistan and Israel statements here: https://www.aljazeera.com/news/2026/4/8/us-iran-ceasefire-de...
Even if USA insist on Israel-Hezbollah (and so Lebanon) be kept apart from any deal to end their war in Iran, it would still mean a terrible strategic and diplomatic disaster between USA and Israel, because Israel Gov' will be left with two terrible scenarios:
1) Trump Admin' will concede to Iran they'd be leaving the region and leaving Israel to defend itself alone, because the Hormuz being open for business and the Gulf states being spared would be enough; or
2) USA will have to resume hostilities, meaning domestically Trump will have to explain the US Military is obliged to continue the war effort for as long as Israel want.
IMHO don't see how Israel-US can politically survive those two scenarios.
edit: And it seems I was wrong despite it being my initial thought in terms of used rail.
>“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” FT reported, citing Hosseini.
https://beincrypto.com/iran-bitcoin-toll-hormuz-strait-tanke...
“He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely.
“‘Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,’ Hosseini added.”
Details on this deal are sketchy but it seems like Iran will continue charging a toll for the Strait of Hormuz (of approximately $1/barrel). You hear figures like $2 million but bear in mind that VLCCs/ULCCs can carry 2M+ barrels of oil. Also, it seems like there will be significant sanctions relief.
Here's the problem: how does Iran get paid? Normally that would be through international payments systems but the US exerts a lot of control over those and can freeze assets as they've done in the past. Part of the payments under the previous JCPOA [3] were to return money paid to Iran for oil where those payments had been frozen. Russia got locked out of SWIFT after the Ukraine invasion [4] as another example.
So I see this as a defensive and potentially temporary move to avoid the risk of asset seizure and freezing should hostilities resume. Iran may well end up with access to international payments systems again in the coming weeks, at which point this could all change.
It is interesting that crypto is being used for this but that just goes to the point that the use case for crypto is to bypass laws. That's no different here.
[1]: https://en.wikipedia.org/wiki/Battle_of_the_Teutoburg_Forest
[2]: https://en.wikipedia.org/wiki/Battle_of_Cannae
[3]: https://en.wikipedia.org/wiki/Iran_nuclear_deal
[4]: https://en.wikipedia.org/wiki/SWIFT_ban_against_Russian_bank...
I wish it need not have happened in my time
https://beincrypto.com/iran-bitcoin-toll-hormuz-strait-tanke...
https://news.bitcoin.com/report-iran-charges-crypto-and-yuan...
https://www.zerohedge.com/energy/first-two-ships-pass-throug...