Crypto exchange Binance has denied a recent Fortune report, rejecting claims that it processed sanctions‑violating transactions connected to Iran or dismissed compliance investigators who flagged concerns.
The Fortune article, published Friday, alleged that Binance’s internal investigators identified over $1 billion in transfers linked to Iranian entities between March 2024 and August 2025, primarily involving Tether’s USDt on the Tron blockchain.
According to unnamed sources cited in the report, at least five investigators — some with law-enforcement backgrounds — were subsequently fired after documenting the activity, with additional senior compliance staff leaving the company in recent months.
Binance strongly disputed the account in an official response. “This is categorically false. No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues as there are no violations,” the exchange said in a statement shared by CEO Richard Teng.
Binance rejects sanctions breach claims following internal review
Binance stated that a comprehensive internal review, conducted with outside legal counsel, found no evidence of sanctions violations related to the transactions highlighted in recent reports. The exchange also refuted suggestions that it failed to uphold regulatory obligations under its ongoing oversight.
The dispute comes amid continued scrutiny of Binance following its 2023 US settlement, in which the company paid $4.3 billion for Anti-Money Laundering (AML) and sanctions compliance failures. Founder Changpeng Zhao stepped down as CEO, later serving a four-month prison sentence. The settlement also imposed a monitorship and required the firm to bolster compliance controls.
Binance emphasized that it continues to comply with oversight requirements, stating: “The article suggests that Binance is ‘reneging’ on its regulatory obligations. This assertion is false.”
While Binance acknowledged Cointelegraph’s request for comment on the latest report, no response had been provided at the time of publication.
FT report previously questioned Binance compliance
In December, the Financial Times reported that Binance allegedly allowed a cluster of suspicious accounts to process substantial transactions even after its 2023 US criminal settlement. Internal data reviewed by the outlet suggested 13 accounts moved roughly $1.7 billion in total since 2021, including about $144 million after the plea agreement.
A Binance spokesperson responded at the time, saying: “We take compliance seriously and reject the framing of the Financial Times report. All transactions are assessed based on the information available at the time, and none of the wallets referenced were sanctioned when the activity occurred.”
