Binance denies claims of Iran-related transactions and employee firing
Crypto exchange Binance denied allegations that it facilitated sanctions-violating transactions linked to Iran, pushed back on a recent report by Fortune, and fired compliance investigators who raised concerns.
Fortune reported Friday that internal investigators at Binance found more than $1 billion in transactions with Iranian entities operating through the platform between March 2024 and August 2025. The transactions reportedly involve Tether's USDt (USDT) stablecoin on the Tron blockchain.
At least five investigators, many with law enforcement backgrounds, were later fired after reporting on the activity, the report said, citing unnamed sources. The list also reports that more senior Cumulance employees have left the company in recent months.
Binance disputed the feature in a formal response. “This is completely false. No investigator has been fired for raising compliance concerns or reporting cases of sanctions because there were no violations,” the exchange wrote in an email shared by CEO Richard Teng.
Binance will reject sanctions violations after an internal review
Binance said it conducted a full internal review with outside legal counsel and found no evidence that it violated applicable sanctions laws in connection with the said activity. It rejected the suggestion that the exchange failed to meet its regulatory obligations under ongoing supervision.
Related: Binance Confirms Three Targeted Employees Arrested in Hacking in France
Binance has been under intense scrutiny since its settlement with US authorities in 2023, when it agreed to pay $4.3 billion for anti-money laundering (AML) and sanctions violations. Founder Changpeng Zhao resigned as CEO and was later sentenced to four months in prison. Binance agreed to be monitored and pledged to strengthen compliance controls.
Binance says it will continue to cooperate with monitoring and surveillance requirements, saying it has failed to meet regulatory obligations. “The article suggests that Binance is “rolling back” its regulatory obligations. This assertion is false,” the exchange said.
Binance acknowledged Cointelegraph's request for comment, but did not respond in print.
Related: Binance Completes $1B Bitcoin Swap for SAFU Emergency Fund
The FT reports Binance's compliance controls
A December report by the Financial Times also revealed that Binance was allowing dubious accounts to move large sums of money even after a US criminal settlement in 2023. Internal data reviewed by the publication showed that 13 user accounts accounted for nearly $1.7 billion in transactions as of 2021.
“We take compliance seriously and deny the Financial Times' report,” a Binance spokesperson told Cointelegraph at the time, adding that all transactions are evaluated “based on the information available at the time” and that none of the mentioned wallets were authorized at the time the said activity occurred.
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