Binance Denies Iran Sanctions Violations and Investigator Dismissals

The prominent cryptocurrency exchange Binance has firmly rebutted a recent article published by Fortune, dismissing claims that it facilitated transactions breaching international sanctions connected to Iran and subsequently terminated employees in compliance roles who flagged potential issues.

According to the Fortune piece released on Friday, Binance’s internal investigators uncovered over $1 billion in transfers associated with Iranian entities that passed through the platform from March 2024 to August 2025. These movements reportedly centered around Tether’s USDT stablecoin operating on the Tron blockchain network.

Drawing from anonymous sources, the article alleged that no fewer than five investigators—many boasting prior experience in law enforcement—were dismissed after they meticulously recorded these transactions. Furthermore, it noted that several high-level compliance personnel had exited the firm in the preceding months.

In a pointed rebuttal, Binance contested these portrayals through an official statement. “This narrative is entirely untrue. No compliance investigator was let go for voicing concerns about regulatory compliance or flagging possible sanctions breaches, as no such infractions occurred,” the company declared in an email circulated by its CEO, Richard Teng.

Binance’s detailed response addressing the Fortune allegations. Source: Richard Teng

Binance asserts no sanctions breaches following thorough internal audit

Binance emphasized that it performed a comprehensive internal examination, bolstered by consultations with external legal experts, which revealed zero proof of any sanctions law infringements related to the transactions in question. The exchange also refuted any notion that it was falling short of its regulatory duties amid continuous supervision.

This controversy emerges at a time when Binance faces intensified examination following its 2023 agreement with United States regulators. In that settlement, the firm consented to a $4.3 billion penalty for violations involving anti-money laundering protocols and sanctions. Its founder, Changpeng Zhao, resigned from his CEO position and subsequently completed a four-month term in prison. As part of the deal, Binance committed to enhanced monitoring and fortified its compliance mechanisms.

The company categorically rejected assertions that it is shirking its regulatory commitments, underscoring its ongoing collaboration with oversight authorities. “The publication implies that Binance is backing away from its regulatory promises. This claim is baseless,” Binance stated clearly.

Although Binance acknowledged Cointelegraph’s inquiry for additional details, no further reply had been received at the time of this article’s publication.

Financial Times report casts doubt on Binance’s compliance framework

Adding to the scrutiny, a December investigation by the Financial Times contended that Binance permitted a cluster of questionable accounts to channel substantial volumes through its platform, even in the wake of its 2023 U.S. criminal resolution. Analysis of internal records by the newspaper indicated that 13 such accounts had processed roughly $1.7 billion in activity since 2021, with approximately $144 million occurring post-plea agreement.

In response to that earlier coverage, a Binance representative informed Cointelegraph, “Compliance remains a top priority for us, and we dispute the Financial Times’ portrayal of events.” The spokesperson elaborated that every transaction undergoes evaluation using the data accessible during the period in question, noting that none of the wallets mentioned were under sanctions at the time of the referenced operations.

These successive reports underscore the persistent challenges Binance navigates in upholding stringent compliance standards within the rapidly evolving cryptocurrency sector, particularly as global regulators intensify their focus on exchange operations and cross-border fund flows. The exchange’s leadership continues to affirm its dedication to transparency and adherence to international laws, positioning itself against what it views as misleading journalistic interpretations.