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Binance has fired at least five members of its compliance investigation team after internally uncovering more than $1 billion in transactions allegedly linked to Iranian entities, according to the website. luck.
The transactions are said to have taken place between March 2024 and August 2025. As stated, they were rolled with Tether’s stablecoin USDT on the Tron blockchain.
USDT on TRON: familiar model for Iran?
The layoffs are said to begin in late 2025. Many of the laid-off employees had backgrounds in law enforcement and held senior investigative positions.
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I mentioned Fortune magazine reported that at least four additional senior employees have left or been fired in recent months.
The reported flows of $1 billion were denominated in USDT and transmitted via the Tron network. This combination has appeared repeatedly in recent sanctions implementation actions related to Iran-related activities.
At the beginning of the month, Enforcement by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) Sanctions on two UK-registered cryptocurrency exchanges, Zedcex and Zedxion. The exchanges handled nearly $1 billion in Guard-related transactions Iranian revolutionary.
According to OFAC reports and blockchain analysis cited by TRM Labs and Chainalysis, most of that activity also involved USDT in Tron.
Separately, BeinCrypto reported in January The Central Bank of Iran has raised more than $500 million in USDT amid pressure on the Iranian rial. Blockchain analytics firm Elliptic said the purchases are likely intended to secure liquidity in hard currencies outside the traditional banking system, effectively creating a parallel reserve to the dollar.
Together, these cases show how stablecoins – especially USDT – have become central to cross-border financial flows linked to Iran.
Binance has not publicly confirmed that the alleged Iran-related transactions violated sanctions laws, and no regulators have announced new enforcement actions against the company related to this report.
However, the episode unfolds amid broader scrutiny of the structure of stablecoins and the role of exchanges in geopolitical sanctions regimes.
