Binance has strongly denied the allegations presented in a recent Fortune report that suggested the company facilitated transactions violating sanctions related to Iran and dismissed compliance investigators who flagged these issues.
The report claimed that internal investigators identified over $1 billion in transactions associated with Iranian groups utilizing Binance between March 2024 and August 2025, involving the Tether USDt stablecoin on the Tron blockchain.
Citing anonymous sources, the article stated that five investigators with law enforcement backgrounds were terminated following their discovery of these transactions. Additionally, it mentioned that other senior compliance personnel have left the company recently.
In response, Binance asserted, “This is categorically false. No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues as there are no violations,” via an email shared by CEO Richard Teng.
Binance’s Findings on Sanctions Non-Violations
Binance reported that it performed a comprehensive internal examination with external legal assistance and found no evidence of any breaches of sanctions laws concerning the activity described. It also refuted claims of neglecting its regulatory commitments under ongoing scrutiny.
The situation unfolds as Binance has been under increased observation following a settlement in 2023 with U.S. authorities over Anti-Money Laundering (AML) and sanctions infringements, resulting in a $4.3 billion payout. The exchange’s founder, Changpeng Zhao, temporarily stepped down as CEO and served time in prison. Binance has committed to enhanced compliance measures moving forward.
Binance reiterated its commitment to meeting regulatory requirements and indicated ongoing cooperation with oversight needs. “The assertion that Binance is ‘reneging’ on its obligations is erroneous,” the exchange declared.
Binance acknowledged Cointelegraph’s request for a comment, but had not provided a response at the time of publication.
Concerns Regarding Compliance in the Recent Report
A Financial Times investigation from December also raised concerns, suggesting that Binance permitted suspicious accounts to conduct large transactions on its platform, even after the U.S. settlement. The review found that approximately 13 accounts had engaged in $1.7 billion in transactions since 2021, including around $144 million post-plea deal.
Binance responded at the time, asserting, “We take compliance seriously and reject the framing of the Financial Times report. All transactions are assessed based on the information available at that moment, and none of the wallets referenced were under sanctions when the activities occurred.”
