Binance CEO Richard Teng rejected a Fortune report that pointed to the firing of a researcher who was analyzing possible Iran-related sanctions violations.
“Irresponsible and misleading news articles “Based on anonymous sources (…) it does an injustice to the great work of our more than 1,300 compliance employees who work tirelessly to uphold global standards,” he said on X on the evening of February 13.
As explained by CriptoNoticias, Fortune reports that Binance’s internal researchers have discovered that an Iranian-linked entity more 1 billion dollars in cryptocurrencies through that exchange. From March 2024 to August 2025.
At least five members of Binance’s compliance team that analyzed these transactions were later fired, the outlet said, citing anonymous sources.
Faced with this scenario, Teng responded with five points that strengthen Binance’s compliance story. However, the manager It was not disclosed whether there were any layoffs. Located in the area mentioned by Fortune.
The five points detailed by Richard Teng in his statement are:
1. Compliance with AML regulations and sanctions
“Binance complies and maintains compliance with global AML standards and applicable sanctions,” he said. What is AML? Global anti-money laundering standards You need to identify users, monitor transactions, and report suspicious activity.
Mr Teng maintained that the company respects the current regulatory framework.
2. Use external monitoring tools
The CEO explained that Binance “like other financial institutions” employs third-party tools such as Elliptic, Chaineries, and TRM Labs for real-time monitoring, crypto network analysis, and sanctions detection.
According to him, these platforms «Identifying and preventing illegal activities Maintain AML and sanctions standards.
Additionally, the three companies mentioned by Teng are known for tracking the flow of cryptocurrencies on public networks. Warn about possible association with illegal activities.
Teng did not say whether the use of these tools changed after the alleged layoffs mentioned by Fortune.
3. Proactive reporting to authorities
“When we detect a potential connection to sanctioned activity, we take a proactive approach of reporting to and cooperating with law enforcement,” he said.
he added: Performed by Compliance Team In an incident cited in a Fortune magazine report.
4. International cooperation and international recognition
Mr. Ten declared that Binance We actively cooperate with law enforcement agencies “We share information and support research around the world.”
“These efforts are widely recognized by law enforcement agencies around the world,” he said.
As an example, he said he received a letter of commendation from the Hong Kong Police Force for his “tireless efforts in investigating and combating illegal crimes.” However, the exchange’s CEO did not disclose the content of the letter or the context of the investigation related to its knowledge.
5. Compliance as a continuous process
In conclusion, Mr. Teng said, “Compliance is a journey with evolving standards, and the fight against illegal crime is a never-ending endeavor.”
He added: Malicious attackers use increasingly sophisticated techniques Avoiding detection, Binance said it would continue its “tireless efforts to combat illegal crime and maintain global integrity.”
(Tag Translation)Binance
