Crypto exchange Binance has stated it has drastically minimized its connections with sanctioned entities and high-risk regions, especially in relation to Iran since the beginning of 2024.

In a blog entry titled “Setting the record straight” released on Monday, Binance revealed that its sanctions exposure, expressed as a percentage of its total exchange volume, has plummeted by approximately 97%, now amounting to around 0.009%.

Exchange volume to sanctions-related entities has declined. Source: Binance

The announcement follows a February 13 Fortune article that cited unnamed sources alleging that Binance dismissed at least five investigators who purportedly uncovered proof of sanctions violations involving Iran.

Binance firmly denied these claims on February 15, labeling the report as “categorically false.” The company emphasized that no investigators were terminated for raising compliance issues or reporting potential violations. They noted that some compliance staff left due to an internal investigation revealing breaches of data protection and confidentiality policies.

Moreover, between January 2024 and January 2026, Binance mentioned it curtailed its direct involvement with the four main Iranian exchanges by over 97%, decreasing from $4.19 million to $110,000.

Binance reiterated that recent media reports regarding its compliance with sanctions are based on incomplete and inaccurately portrayed information that fails to capture the full context and investigative records.

The exchange also discussed its commitment to compliance, highlighting that roughly 25% of its global workforce is assigned to compliance activities, along with investments of “hundreds of millions of US dollars” in its compliance programs.

In 2022, Binance faced scrutiny after a related report suggested that Iranian customers were still able to trade on the platform despite its ban against such activities.