Binance says sanctions-related activity down 97% since 2024
Crypto exchange Binance said it has significantly reduced trading activity linked to sanctioned individuals and high-risk jurisdictions, including Iran. According to the company, such exposure has fallen by about 97% since January 2024 and now accounts for roughly 0.009% of total trading volume.
The update was published in a blog post titled “Setting the record straight.” Binance also said that between January 2024 and January 2026 it cut direct exposure to the four largest Iranian exchanges by more than 97%, from 4.19 million dollars to 110,000 dollars.
The company emphasized that around 25% of its global workforce is dedicated to compliance functions and that it has invested hundreds of millions of dollars in compliance programs.
Binance has previously faced scrutiny over sanctions. In 2022, Reuters reported that Iranian users continued to trade on the platform after the country had been officially restricted.
Fortune allegations
On Feb. 13, Fortune, citing anonymous sources, reported that Binance had dismissed at least five employees who allegedly uncovered potential sanctions violations involving Iran.Binance described the claims as “categorically false.” The company said no employee was terminated for raising compliance concerns or reporting possible sanctions breaches. It added that some staff departures followed an internal review that found violations of data protection and confidentiality policies.
Sanctions risk as strategic challenge for exchanges
For major crypto exchanges, compliance with sanctions regimes has become a strategic priority. Regulators in the United States and Europe are increasing oversight of how platforms monitor transactions, identify sanctioned individuals and block activity tied to high-risk jurisdictions.Even a small share of problematic transactions can create significant legal and financial exposure, including fines and market restrictions. For Binance, reducing sanctions-related exposure is not only a reputational matter but also critical to maintaining access to key markets.
As the crypto industry becomes more integrated into the global financial system, exchanges are expected to meet compliance standards closer to those of traditional banks. How effectively Binance demonstrates adherence to those standards could shape regulatory attitudes toward centralized crypto platforms more broadly.
Previously, we reported that Carl Runefelt suggested Binance should exit the market, arguing that smaller exchanges need room to grow.
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