Binance CEO Richard Teng rejected a Fortune report that pointed to the firing of a researcher who was analyzing doable Iran-related sanctions violations.
“Irresponsible and deceptive information articles “Based mostly on nameless sources (…) it does an injustice to the nice work of our greater than 1,300 compliance workers who work tirelessly to uphold world requirements,” he mentioned on X on the night of February 13.
As defined by CriptoNoticias, Fortune experiences that Binance’s inner researchers have found that an Iranian-linked entity extra 1 billion {dollars} in cryptocurrencies by way of that alternate. From March 2024 to August 2025.
Not less than 5 members of Binance’s compliance group that analyzed these transactions had been later fired, the outlet mentioned, citing nameless sources.
Confronted with this situation, Teng responded with 5 factors that strengthen Binance’s compliance story. Nevertheless, the supervisor It was not disclosed whether or not there have been any layoffs. Situated within the space talked about by Fortune.
The 5 factors detailed by Richard Teng in his assertion are:
1. Compliance with AML laws and sanctions
“Binance complies and maintains compliance with world AML requirements and relevant sanctions,” he mentioned. What’s AML? World anti-money laundering requirements You must determine customers, monitor transactions, and report suspicious exercise.
Mr Teng maintained that the corporate respects the present regulatory framework.
2. Use exterior monitoring instruments
The CEO defined that Binance “like different monetary establishments” employs third-party instruments akin to Elliptic, Chaineries, and TRM Labs for real-time monitoring, crypto community evaluation, and sanctions detection.
In response to him, these platforms «Figuring out and stopping unlawful actions Preserve AML and sanctions requirements.
Moreover, the three firms talked about by Teng are identified for monitoring the stream of cryptocurrencies on public networks. Warn about doable affiliation with unlawful actions.
Teng didn’t say whether or not the usage of these instruments modified after the alleged layoffs talked about by Fortune.
3. Proactive reporting to authorities
“Once we detect a possible connection to sanctioned exercise, we take a proactive method of reporting to and cooperating with legislation enforcement,” he mentioned.
he added: Carried out by Compliance Group In an incident cited in a Fortune journal report.
4. Worldwide cooperation and worldwide recognition
Mr. Ten declared that Binance We actively cooperate with legislation enforcement businesses “We share data and assist analysis around the globe.”
“These efforts are widely known by legislation enforcement businesses around the globe,” he mentioned.
For example, he mentioned he acquired a letter of commendation from the Hong Kong Police Drive for his “tireless efforts in investigating and combating unlawful crimes.” Nevertheless, the alternate’s CEO didn’t disclose the content material of the letter or the context of the investigation associated to its data.
5. Compliance as a steady course of
In conclusion, Teng mentioned, “Compliance is a journey with evolving requirements, and the struggle towards unlawful crimes is a endless endeavor.”
He added: Malicious attackers use more and more refined strategies Avoiding detection, Binance mentioned it could proceed its “tireless efforts to fight unlawful crime and preserve world integrity.”
