Crypto exchange Binance pushed back against a recent report by Fortune, rejecting allegations that it enabled sanctions-violating transactions tied to Iran and fired compliance investigators who raised concerns.
Fortune reported Friday that internal investigators at Binance discovered more than $1 billion in transfers linked to Iranian entities moving through the platform between March 2024 and August 2025. The transactions were said to involve Tether’s USDt (USDT) stablecoin on the Tron blockchain.
Citing unidentified sources, the report claimed that at least five investigators, several with law-enforcement backgrounds, were later fired after documenting the activity. The outlet also reported that additional senior compliance staff had departed the company in recent months.
Binance disputed the characterization in a formal response. “This is categorically false. No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues as there are no violations,” the exchange wrote in an email shared by CEO Richard Teng.
Binance denies sanctions violations after internal review
Binance said it conducted a full internal review with outside legal advice and found no evidence it had violated applicable sanctions laws in connection with the referenced activity. It also rejected the suggestion that the exchange failed to meet its regulatory obligations under ongoing oversight.
Related: Binance confirms employee targeted as three arrested in France break-in
The dispute lands as Binance remains under heightened scrutiny since its 2023 settlement with US authorities in which it agreed to pay $4.3 billion for Anti-Money Laundering (AML) and sanctions violations. Founder Changpeng Zhao stepped down as CEO and later served a four-month prison sentence. Binance also agreed to being monitored and pledged to strengthen compliance controls.
Binance denied claims it is failing to meet regulatory obligations, saying it continues to cooperate under monitoring and oversight requirements. “The article suggests that Binance is “reneging” on its regulatory obligations. This assertion is false,” the exchange said.
Binance acknowledged Cointelegraph’s request for comment, but had not responded by publication.
Related: Binance completes $1B Bitcoin conversion for SAFU emergency fund
FT report questions Binance compliance controls
A December report by the Financial Times also claimed that Binance allowed a group of suspicious accounts to move significant sums through the exchange even after its US criminal settlement in 2023. Internal data reviewed by the publication showed 13 such user accounts had about $1.7 billion in transactions since 2021, including about $144 million after the plea agreement.
“We take compliance seriously and reject the framing of the Financial Times report,” a Binance spokesperson told Cointelegraph at the time, adding that all transactions are assessed “based on information available at the time,” and that none of the wallets referenced were sanctioned when the activity referenced occurred.
Magazine: Bitget’s Gracy Chen is looking for ‘entrepreneurs, not wantrepreneurs’
