Binance is forcefully rejecting allegations that its inner investigators uncovered greater than $1 billion in Iran-linked transactions and have been subsequently dismissed.
The pushback escalates tensions between the world’s largest crypto change and sections of the monetary press.
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Binance Rejects Allegations and Defends Compliance Report
The controversy stems from a February 13 investigative report by Fortune, which alleged that compliance investigators recognized over $1 billion in transactions tied to Iranian entities between March 2024 and August 2025.
The transfers reportedly concerned Tether (USDT) on the Tron blockchain, an ecosystem continuously scrutinized by regulators for sanctions-related exercise.
In line with the report, not less than 5 members of Binance’s compliance investigations crew have been dismissed after elevating considerations internally.
A number of of the affected workers have been described as senior investigators with regulation enforcement backgrounds. Extra compliance personnel have been additionally mentioned to have departed in current months, although the exact causes for his or her exits weren’t publicly confirmed.
Binance Says “The Report Should Be Clear”
In a public assertion, Binance Co-CEO Richard Teng immediately refuted the allegations.
“The document should be clear. No sanctions violations have been discovered, no investigators have been fired for elevating considerations, and Binance continues to satisfy its regulatory commitments. We’ve requested for corrections to current reporting,” Teng wrote.
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In a proper letter addressed to Fortune, Binance Communications said that the article contained “gross materials inaccuracies and deceptive implications.” The corporate articulated that:
- No personnel have been terminated for reporting sanctions considerations.
- No personnel selections or terminations are associated to the reporting of alleged sanctions violations.
Binance additional asserted {that a} full inner assessment, carried out alongside exterior authorized counsel, discovered no proof of sanctions breaches associated to the referenced exercise.
The letter emphasised that the change operates below whistleblower protections and strict employment legal guidelines throughout a number of jurisdictions.
Binance additionally pushed again towards strategies it had reneged on regulatory commitments stemming from its 2023 settlement with US authorities.
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The change has dedicated to totally cooperate with monitorship necessities. Reportedly, they’ve additionally “considerably strengthened” their sanctions screening, monitoring, and compliance infrastructure because the decision.
Heightened Sensitivity Submit-Settlement
The allegations are notably delicate given Binance’s 2023 $4.3 billion settlement over anti-money laundering and sanctions violations. Since then, the change has operated below enhanced compliance obligations and elevated regulatory scrutiny.
Nonetheless,past the dispute itself, the incident highlights broader considerations about stablecoins and sanctions evasion.
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Blockchain analytics corporations, together with TRM Labs, Chainalysis, and Elliptic, have beforehand reported rising use of USDT by Iranian-linked actors to maneuver funds exterior conventional banking channels.
US authorities, together with the Workplace of International Property Management (OFAC), have sanctioned different exchanges over related Iran-linked exercise involving USDT on Tron.
The standoff stays a battle of narratives, with anonymous-source allegations assembly categorical company denials.
With no new enforcement motion introduced, the query shifts from whether or not violations occurred to how transparency, compliance, and investigative reporting intersect in an business nonetheless preventing to rebuild belief.