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Binance denies allegations of Iran sanctions breaches and employee dismissals
Crypto exchange Binance has responded to a Fortune report that alleged the platform facilitated transactions linked to Iranian entities in violation of sanctions. The company called the claims false and said no employees were fired for raising compliance concerns.
Binance rejected the accusations in a statement shared by CEO Richard Teng, saying it “categorically” denies reports that investigators were dismissed over sanctions-related issues and stressed that no violations occurred.
According to Fortune, internal investigators allegedly identified more than $1 billion in transfers linked to Iran that moved through the platform between March 2024 and August 2025. The transactions reportedly involved the USDT stablecoin on the Tron blockchain. The outlet also claimed that at least five employees with law enforcement backgrounds were later dismissed and that several senior compliance officials had left the company in recent months.
Internal review and regulatory oversight
Binance said it conducted a full internal review with the assistance of external legal counsel and found no evidence of sanctions violations.The exchange also emphasized that it continues to meet its obligations under ongoing monitoring following its 2023 settlement with US authorities. As part of that agreement, Binance paid $4.3 billion in penalties for Anti-Money Laundering (AML) and sanctions violations, while founder Changpeng Zhao stepped down as CEO and later served a four-month prison sentence.
The company denied suggestions that it is reneging on its regulatory commitments and stated that it continues to cooperate with oversight authorities under agreed terms.
Compliance back in focus
Since its major US settlement, Binance has remained under heightened scrutiny. As a result, any reports of potential sanctions breaches quickly draw market attention.In December, the Financial Times reported that 13 suspicious accounts had moved about $1.7 billion through the exchange since 2021, including roughly $144 million after the US plea agreement. At the time, Binance said all transactions were assessed based on information available at the time and that none of the referenced wallets were sanctioned when the activity occurred.
Previously, we reported that Carl Runefelt suggested Binance should exit the market, arguing that smaller exchanges need room to thrive.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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