Crypto exchange Binance has pushed back against a recent Fortune report, denying allegations that it enabled sanctions-violating transactions linked to Iran and firing compliance investigators who raised concerns.
Fortune reported on Friday that Binance’s internal investigators discovered more than $1 billion in transfers linked to Iranian entities moving through the platform between March 2024 and August 2025. The transaction involved Tether’s USDt (USDT) stablecoin on the Tron blockchain.
Citing unnamed sources, the report claimed that at least five investigators, several with law enforcement backgrounds, were later fired after documenting the activity. The outlet also reported that additional senior compliance staff have left the company in recent months.
Binance specifically disagreed in a formal response. “This is patently false. No investigator has been fired for raising compliance concerns or reporting potential sanctions issues because no violations have occurred,” the exchange wrote in an email shared by CEO Richard Tang.
Binance denies sanctions violations after internal review.
Binance said it conducted a thorough internal review with outside legal counsel and found no evidence that it violated applicable sanctions laws in connection with the referenced activity. It also rejected the suggestion that the exchange failed to meet its regulatory obligations under ongoing supervision.
Related: Binance has confirmed that three arrested employees were targeted in a break-in in France.
The controversy comes as Binance has been under intense 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 resigned as CEO and was later sentenced to four months in prison. Binance also agreed to be monitored and committed to strengthening compliance controls.
Binance has denied claims that it is failing to meet regulatory obligations, saying it continues to comply with monitoring and oversight requirements. “The article suggests that Binance is “deviating” from its regulatory obligations. This claim is false,” the exchange said.
Binance acknowledged Cointelegraph’s request for comment, but had not responded by publication.
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FT report questions Binance compliance controls
A December report by the Financial Times also claimed that Binance allowed a group of suspicious accounts to move significant funds through the exchange even after a US criminal settlement in 2023.
“We take compliance seriously and reject the creation of the Financial Times report,” a Binance spokesperson told Cointelegraph at the time, adding that all transactions are evaluated “based on information available at the time,” and that none of the wallets referenced were approved when the activity was referenced.
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