Binance Denies Claims of $1 Billion Iran-Linked USDT Transactions

A February 13 Fortune investigation alleged that Binance’s compliance team had identified more than $1 billion in transactions linked to Iranian entities between March 2024 and August 2025, involving USDT on the Tron blockchain. The article said at least five members of Binance’s compliance investigations team were dismissed after raising concerns, including several senior investigators with law enforcement backgrounds, and that additional compliance staff had departed in recent months.

Binance pushed back sharply, calling the article "gross material inaccuracies and misleading implications" in a formal letter to Fortune. Co‑CEO Richard Teng wrote: "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." The company said a full internal review with external counsel found no evidence of sanctions breaches and emphasized whistleblower protections and employment laws across jurisdictions.

Iran

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