Cryptocurrency exchange Binance has pushed back against a recent Fortune report, rejecting allegations that it facilitated Iran-linked transactions that violated sanctions and firing compliance officers who raised concerns.
Fortune reported On Friday, internal investigators at Binance discovered transfers worth more than $1 billion linked to Iranian entities passing through the platform between March 2024 and August 2025. The transactions are said to involve the USDt (USDT) stablecoin Tether on the Tron blockchain.
The report, citing unidentified sources, said at least five investigators, including several with law enforcement experience, were later fired after documenting the activities. The outlet also reported that additional senior compliance employees have left the company in recent months.
Binance disputed this characterization in a formal response. “This is categorically untrue. No investigators were fired for raising compliance concerns or raising questions about potential sanctions, as no violations occurred,” the exchange said. he wrote in an email shared by CEO Richard Teng.
Binance denies sanctions violations following internal review
Binance said it conducted a full internal review with the assistance of external legal advice and found no evidence that it had violated applicable sanctions laws in connection with the activities in question. She also rejected the suggestion that the exchange, under constant supervision, had failed to fulfill its regulatory obligations.
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The dispute ends as Binance has remained under increased scrutiny since a 2023 settlement with US authorities in which it agreed to pay $4.3 billion for anti-money laundering (AML) and sanctions violations. Founder Changpeng Zhao stepped down as CEO and later served a four-month prison sentence. Binance also agreed to monitoring and committed to strengthening compliance controls.
Binance has denied claims that it is failing to meet regulatory obligations, saying it continues to cooperate with monitoring and oversight requirements. “The article suggests that Binance is ‘waiving’ its regulatory obligations. This claim is false,” the exchange said.
Binance confirmed Cointelegraph’s request for comment but did not respond by publication.
Related: Binance completes $1 billion worth of Bitcoin conversion to SAFU emergency fund
FT Report Questions Binance’s Compliance Audits
A December report by the Financial Times also found that Binance allowed a group of suspicious accounts to transfer significant amounts through the exchange even after a U.S. criminal settlement in 2023. Internal records reviewed by the publication showed that 13 such user accounts had transacted about $1.7 billion worth of transactions since 2021, including about $144 million after the settlement.
“We take compliance issues seriously and reject the framework of the Financial Times report,” a Binance spokesperson told Cointelegraph at the time, adding that all transactions are assessed “based on information available at the time” and that none of the wallets mentioned were sanctioned at the time the mentioned activity occurred.
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