Binance has strongly denied claims that internal investigators discovered more than $1 billion in Iran-related transactions that were later dismissed.
The backlash fuels tensions between the world’s largest cryptocurrency exchange and financial news outlets.
Binance denies allegations and defends compliance record
The controversy stems from a Feb. 13 investigative report by Fortune, which claims compliance investigators identified more than $1 billion in transactions involving Iranian companies from March 2024 to August 2025.
The transfer reportedly involved Tether ($USDT) The ecosystem on the Tron blockchain is frequently scrutinized by regulators for sanctions-related activities.
At least five members of Binance’s compliance investigations team were fired after raising concerns internally, according to the report.
Some of the affected staff are described as senior investigators with law enforcement backgrounds. Additional compliance officers are also said to have left the company in recent months, although the exact reasons for their departures have not been publicly confirmed.
Binance: “The record must be clear”
Binance co-CEO Richard Teng directly refuted the allegations in a public statement.
“The record must be clear. No sanctions violations were found, and no investigators were fired for raising concerns. Binance continues to meet its regulatory obligations. We have asked for a correction to recent reporting,” Teng wrote.
In a formal letter to Fortune, Binance Communications said the article contained “material inaccuracies and misleading implications.” The company made the following statement:
- No staff were fired for reporting sanctions concerns.
- Personnel decisions and terminations are not related to reports of alleged sanctions violations.
Binance further claimed that a full internal investigation conducted with external legal counsel found no evidence of sanctions violations related to the activities mentioned.
The letter emphasized that the exchange operates under whistleblower protections and strict employment laws across multiple jurisdictions.
Binance also pushed back against accusations that it broke regulatory commitments stemming from a 2023 settlement with US authorities.
The exchange is committed to fully cooperating with monitoring requirements. Sanctions review, monitoring and compliance infrastructure has also been “significantly strengthened” since the resolution, the report said.
Irresponsible and misleading news stories based on anonymous sources (which may or may not include possibly disgruntled former employees) do injustice to the great work of our more than 1,300 compliance staff who work tirelessly to uphold global standards.
fact:
1. Binance…— Richard Teng (@_RichardTeng) February 14, 2026
Improved post-payment sensitivity
The allegations are particularly sensitive given that Binance settled for $4.3 billion in 2023 over anti-money laundering and sanctions violations. Since then, the exchange has operated under heightened compliance obligations and increased regulatory oversight.
But beyond the conflict itself, the incident highlights broader concerns about stablecoins and sanctions evasion.
Blockchain analytics companies such as TRM Labs, Chaineries, and Elliptic have previously $USDT The aim is for parties linked to Iran to move funds outside of traditional banking channels.
US authorities, including the Office of Foreign Assets Control (OFAC), have sanctioned other exchanges for similar Iran-related activities. $USDT On Tron.
🚨 OFAC sanctions 8 Houthi-linked crypto addresses 🚨
On April 2, 2025, OFAC sanctioned eight crypto addresses tied to Iran’s IRGC-QF-backed Houthi financing network.
All eight authorized addresses are on the Tron network, and most activity is on the Tron network. $USDT. Elliptic… pic.twitter.com/wK1HrynHIF
— Elliptic (@elliptic) April 7, 2025
The conflict remains a battle of narratives, pitting claims by anonymous sources against staunch denials by companies.
With no new enforcement actions announced, the question has shifted from whether there was a violation to how transparency, compliance and investigative reporting intersect in an industry that continues to fight to restore trust.
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