Binance has strongly denied claims that inner investigators found greater than $1 billion in Iran-related transactions that have been later dismissed.
The backlash fuels tensions between the world’s largest cryptocurrency alternate and monetary information retailers.
Binance denies allegations and defends compliance document
The controversy stems from a Feb. 13 investigative report by Fortune, which claims compliance investigators recognized greater than $1 billion in transactions involving Iranian corporations from March 2024 to August 2025.
The switch reportedly concerned Tether ($USDT) The ecosystem on the Tron blockchain is regularly scrutinized by regulators for sanctions-related actions.
At the least 5 members of Binance’s compliance investigations group have been fired after elevating considerations internally, in keeping with the report.
A few of the affected employees are described as senior investigators with legislation enforcement backgrounds. Further compliance officers are additionally mentioned to have left the corporate in current months, though the precise causes for his or her departures haven’t been publicly confirmed.
Binance: “The document should be clear”
Binance co-CEO Richard Teng instantly refuted the allegations in a public assertion.
“The document should be clear. No sanctions violations have been discovered, and no investigators have been fired for elevating considerations. Binance continues to satisfy its regulatory obligations. We’ve got requested for a correction to current reporting,” Teng wrote.
In a proper letter to Fortune, Binance Communications mentioned the article contained “materials inaccuracies and deceptive implications.” The corporate said the next:
- No employees have been fired for reporting sanctions considerations.
- Personnel selections and terminations are usually not associated to stories of alleged sanctions violations.
Binance additional claimed {that a} full inner investigation performed with exterior authorized counsel discovered no proof of sanctions violations associated to the actions talked about.
The letter emphasised that the alternate operates underneath whistleblower protections and strict employment legal guidelines throughout a number of jurisdictions.
Binance additionally pushed again towards accusations that it broke regulatory commitments stemming from a 2023 settlement with US authorities.
The alternate is dedicated to totally cooperating with monitoring necessities. Sanctions overview, monitoring and compliance infrastructure has additionally been “considerably strengthened” for the reason that decision, the report mentioned.
Irresponsible and deceptive information tales based mostly on nameless sources (which can or might not embody presumably disgruntled former workers) do injustice to the nice work of our greater than 1,300 compliance employees who work tirelessly to uphold international requirements.
reality:
1. Binance…— Richard Teng (@_RichardTeng) February 14, 2026
Improved post-payment sensitivity
The allegations are notably delicate on condition that Binance settled for $4.3 billion in 2023 over anti-money laundering and sanctions violations. Since then, the alternate has operated underneath heightened compliance obligations and elevated regulatory oversight.
However past the battle itself, the incident highlights broader considerations about stablecoins and sanctions evasion.
Blockchain analytics corporations reminiscent of TRM Labs, Chaineries, and Elliptic have beforehand $USDT The goal is for events linked to Iran to maneuver funds outdoors of conventional banking channels.
US authorities, together with the Workplace of International Property Management (OFAC), have sanctioned different exchanges for comparable Iran-related actions. $USDT On Tron.
🚨 OFAC sanctions 8 Houthi-linked crypto addresses 🚨
On April 2, 2025, OFAC sanctioned eight crypto addresses tied to Iran’s IRGC-QF-backed Houthi funding community.
All eight approved addresses are on the Tron community, and most exercise is on the Tron community. $USDT. Elliptic… pic.twitter.com/wK1HrynHIF
— Elliptic (@elliptic) April 7, 2025
The battle stays a battle of narratives, pitting claims by nameless sources towards staunch denials by corporations.
With no new enforcement actions introduced, the query has shifted from whether or not there was a violation to how transparency, compliance and investigative reporting intersect in an trade that continues to battle to revive belief.
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