Binance rejects claims of Iran-linked transfers and firings

Binance pushed back against a Fortune report, rejecting allegations that it enabled sanctions-violating transfers tied to Iran and fired compliance investigators who raised concerns. Fortune said internal investigators found more than $1 billion in transfers linked to Iranian entities moving through the platform between March 2024 and August 2025, involving Tether’s USDt on the Tron blockchain.

The outlet added that at least five investigators, several with law-enforcement backgrounds, were later fired and that additional senior compliance staff had departed. In an email shared by CEO Richard Teng, the exchange called the characterization “categorically false,” stating no investigator was dismissed for raising compliance concerns or reporting potential sanctions issues “as there are no violations.” Binance said it conducted a full internal review with outside legal advice and found no evidence it had violated applicable sanctions laws in connection with the referenced activity.

Iran

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