Exchange disputes claims of Iran-linked transfers and investigator dismissals
Binance has rejected allegations that it facilitated sanctions-violating transactions tied to Iran and dismissed internal compliance staff who flagged concerns. The response follows a Fortune report claiming that more than $1 billion in transfers connected to Iranian entities moved through the platform between March 2024 and August 2025, largely involving Tether’s USDT on the Tron network.
The report, citing unnamed sources, also alleged that several investigators — some with law enforcement backgrounds — were fired after documenting the activity. Binance strongly denied the claims, stating that no employee was terminated for raising compliance issues and that no sanctions breaches occurred. In a statement shared publicly by CEO Richard Teng, the company called the allegations “categorically false.”
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Binance’s response to Fortune report. Source: Richard Teng
Binance says compliance review cleared the platform
According to Binance, a comprehensive internal investigation, conducted with the support of external legal counsel, found no evidence of sanctions violations related to the transactions in question. The exchange emphasized that it continues to operate under regulatory monitoring following its 2023 settlement with US authorities and remains committed to strengthening compliance systems.
That settlement — which included a $4.3 billion penalty and the resignation of founder Changpeng Zhao — placed Binance under heightened oversight. Since then, the company has sought to rebuild trust with regulators while expanding its compliance infrastructure.
Ongoing scrutiny keeps pressure on Binance
The new allegations arrive amid continued media scrutiny. A separate Financial Times report in December questioned whether certain high-volume accounts continued transacting on the platform after Binance’s US plea agreement. Binance pushed back at the time, arguing that none of the referenced wallets were sanctioned when the transactions occurred and that all activity is evaluated based on information available at the time.
The episode underscores the delicate balance Binance faces as it navigates global regulatory expectations. As one of the largest crypto exchanges by volume, its compliance posture carries broader implications for the industry’s relationship with regulators and policymakers worldwide.