The world’s largest cryptocurrency exchange, Binance, is firmly denying a recent report alleging that the company ignored over $1 billion in transactions linked to Iran. The exchange also pushed back against claims that it terminated compliance investigators who blew the whistle on these potential sanctions breaches.
The controversy stems from a report by Fortune, which suggested that internal investigators at Binance identified a massive flow of funds tied to Iranian entities between March 2024 and August 2025. These transactions reportedly utilized Tether (USDT) on the Tron blockchain. According to the report, five investigators—many with backgrounds in law enforcement—were allegedly fired after documenting the activity.
Binance Responds to Allegations of Compliance Failures
In a formal response shared by CEO Richard Teng, Binance labeled the allegations “categorically false.” The exchange clarified that no employees were dismissed for raising compliance concerns. Furthermore, Binance stated that an internal review, conducted alongside external legal counsel, found no evidence of sanctions violations related to the transactions mentioned.
The exchange emphasized that it remains in full compliance with the regulatory obligations established following its landmark 2023 settlement with U.S. authorities. “The assertion that Binance is ‘reneging’ on its regulatory obligations is false,” the company stated, noting that it continues to operate under strict monitoring and oversight.
Ongoing Regulatory Scrutiny and Previous Settlements
This latest dispute comes at a sensitive time for Binance. In late 2023, the exchange reached a $4.3 billion settlement with the U.S. Department of Justice and other agencies over Anti-Money Laundering (AML) and sanctions violations. As part of that agreement, founder Changpeng “CZ” Zhao stepped down and served a four-month prison sentence, while the company agreed to years of independent monitoring to ensure future compliance.
Despite these efforts, media outlets continue to probe the exchange’s internal controls. A previous report by the Financial Times in December also questioned Binance’s oversight, alleging that 13 suspicious accounts moved $1.7 billion through the platform, with a portion occurring after the U.S. plea deal. Binance has consistently rejected these framings, arguing that its compliance team assesses transactions based on real-time data and that the flagged wallets were not under sanctions at the time of the activity.
