Binance is forcefully rejecting allegations that its inside investigators uncovered greater than $1 billion in Iran-linked transactions and had been subsequently dismissed.
The pushback escalates tensions between the world’s largest crypto alternate and sections of the monetary press.
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Binance Rejects Allegations and Defends Compliance Document
The controversy stems from a February 13 investigative report by Fortune, which alleged that compliance investigators recognized over $1 billion in transactions tied to Iranian entities between March 2024 and August 2025.
The transfers reportedly concerned Tether (USDT) on the Tron blockchain, an ecosystem steadily scrutinized by regulators for sanctions-related exercise.
In keeping with the report, a minimum of 5 members of Binance’s compliance investigations group had been dismissed after elevating issues internally.
A number of of the affected workers had been described as senior investigators with legislation enforcement backgrounds. Further compliance personnel had been additionally stated to have departed in current months, although the exact causes for his or her exits weren’t publicly confirmed.
Binance Says “The Record Must Be Clear”
In a public assertion, Binance Co-CEO Richard Teng immediately refuted the allegations.
“The record must be clear. No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments. We’ve asked for corrections to recent reporting,” Teng wrote.
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In a proper letter addressed to Fortune, Binance Communications said that the article contained “gross material inaccuracies and misleading implications.” The corporate articulated that:
- No personnel had been terminated for reporting sanctions issues.
- No personnel selections or terminations are associated to the reporting of alleged sanctions violations.
Binance additional asserted {that a} full inside evaluate, performed alongside exterior authorized counsel, discovered no proof of sanctions breaches associated to the referenced exercise.
The letter emphasised that the alternate operates below whistleblower protections and strict employment legal guidelines throughout a number of jurisdictions.
Binance additionally pushed again in opposition to options it had reneged on regulatory commitments stemming from its 2023 settlement with US authorities.
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The alternate has dedicated to totally cooperate with monitorship necessities. Reportedly, they’ve additionally “significantly strengthened” their sanctions screening, monitoring, and compliance infrastructure because the decision.
Irresponsible and deceptive press articles based mostly on nameless sources (whether or not together with presumably disgruntled ex-employees or in any other case) does injustice to the good work of our greater than 1300 compliance workers working tirelessly to uphold world requirements.
Details:
1. Binance…
— Richard Teng (@_RichardTeng) February 14, 2026
Heightened Sensitivity Submit-Settlement
The allegations are significantly delicate given Binance’s 2023 $4.3 billion settlement over anti-money laundering and sanctions violations. Since then, the alternate has operated below enhanced compliance obligations and elevated regulatory scrutiny.
Nonetheless,past the dispute itself, the incident highlights broader issues about stablecoins and sanctions evasion.
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Blockchain analytics corporations, together with TRM Labs, Chainalysis, and Elliptic, have beforehand reported rising use of USDT by Iranian-linked actors to maneuver funds outdoors conventional banking channels.
US authorities, together with the Workplace of International Property Management (OFAC), have sanctioned different exchanges over comparable Iran-linked exercise involving USDT on Tron.
🚨 OFAC Sanctions Eight Houthi-Linked Crypto Addresses 🚨
On April 2, 2025, OFAC sanctioned eight crypto addresses tied to a Houthi financing community backed by Iran’s IRGC-QF.
All eight sanctioned addresses are on the Tron community, with most exercise in USDT. Elliptic’s… pic.twitter.com/wK1HrynHIF
— Elliptic (@elliptic) April 7, 2025
The standoff stays a battle of narratives, with anonymous-source allegations assembly categorical company denials.
With no new enforcement motion introduced, the query shifts from whether or not violations occurred to how transparency, compliance, and investigative reporting intersect in an trade nonetheless preventing to rebuild belief.
