Crypto exchange Binance has denied allegations that it facilitated sanctions-violating transactions connected to Iranian entities and dismissed staff who flagged compliance concerns. The claims stem from a recent media report alleging that over $1 billion in transfers linked to Iran moved through the platform between March 2024 and August 2025.
According to the report, the transactions involved Tether (USDT) issued on the TRON network. It also alleged that multiple internal investigators were terminated after documenting the activity.
Binance has categorically rejected the claims, stating that an internal review conducted with external legal counsel found no evidence of sanctions violations. The company further denied that any employees were dismissed for raising compliance-related issues.
Ongoing Regulatory Oversight and Compliance Commitments
The dispute comes as Binance remains under heightened regulatory scrutiny following its 2023 settlement with U.S. authorities, which included a $4.3 billion penalty and enhanced compliance obligations. The exchange is currently operating under a monitorship framework designed to strengthen Anti-Money Laundering and sanctions controls.
CEO Richard Teng wrote in an email shared on X;
Binance stated that it continues to cooperate fully with oversight requirements and rejected suggestions that it is reneging on regulatory commitments. The company emphasized that all transactions are assessed based on the information available at the time and in accordance with applicable laws.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.