Crypto exchange Binance says it has “significantly reduced exposure” to sanctioned entities and high-risk jurisdictions — including Iran — since January 2024.
In a Monday blog post titled “Setting the record straight,” Binance said its sanctions-related exposure as a share of total trading volume has dropped by approximately 97% over that period and now stands at roughly 0.009%.
The statement follows a Feb. 13 report by Fortune citing anonymous sources who alleged that Binance dismissed at least five investigators after they uncovered evidence of potential Iranian sanctions violations.
Binance rejected the claims on Feb. 15, calling the report “categorically false.” The company said no investigator was fired for raising compliance concerns or flagging possible sanctions issues.
In its latest blog post, Binance said that certain compliance staff left the company following an internal review that identified “breaches of company data-protection and confidentiality guidelines.”
The exchange added that between January 2024 and January 2026, it reduced direct exposure to the four largest Iranian exchanges by more than 97%, from $4.19 million to $110,000.
“Recent reporting on Binance’s sanctions compliance relies on incomplete and mischaracterized accounts that do not reflect all of the facts and the full investigative record,” the company said.
Binance also emphasized its broader compliance initiatives, noting that roughly 25% of its global workforce is dedicated to compliance roles and that it has invested “hundreds of millions of US dollars” into strengthening its compliance programs.
The company previously faced scrutiny in 2022 after a report from Reuters alleged that Iranian users were still able to trade on the platform despite the country being blacklisted.
