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Binance has strongly denied allegations that its internal investigators discovered more than $1 billion in transactions in Iran, and were subsequently fired.
A dispute between the world’s largest cryptocurrency platform and sections of the financial press is growing over this counter-push.
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Binance rejects the allegations and defends its compliance record
The controversy stems from an investigative report published by Fortune magazine on February 13, which stated that compliance investigators discovered more than $1 billion in transactions linked to Iranian entities between March 2024 and August 2025.
The report said that the transfers involved Tether (USDT) on the TRON network, an ecosystem that is often under scrutiny by regulators for activities related to sanctions.
At least five members of Binance’s compliance investigation team were fired after raising concerns internally, the report said.
Some of the affected employees were senior investigators with backgrounds in law enforcement, the report explains. It has also been reported that additional compliance staff have left in recent months, although the exact reasons for their departure have not been publicly confirmed.
Binance Says “The Record Should Be Clear”
In a public statement, Binance co-CEO Richard Tang directly denied the accusations.
Tang wrote that the record should be clear: No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory obligations. We ask that recent reports are correct.
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Binance said in a formal letter to Fortune that the article contained “serious material errors and misleading connotations.” The company explained the following:
- No employees were fired for reporting sanctions concerns.
- Any decisions or dismissals of employees are not related to reporting alleged violations of sanctions.
Binance also confirmed that a full internal review conducted in collaboration with external legal counsel found no evidence of sanctions violations related to the activity in question.
The letter highlighted that the platform operates under whistleblower protection and strict labor laws in many jurisdictions.
Binance also rejected accusations that it had waived its regulatory obligations resulting from its 2023 agreement with US authorities.
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The platform has pledged to fully cooperate with oversight requirements, and is said to have “significantly improved” its screening, monitoring and sanctions compliance systems since establishment.
Increased sensitivity after installation
The allegations are particularly sensitive given Binance’s 2023 settlement of $4.3 billion for sanctions and money laundering violations. Since then, the platform has operated under enhanced compliance obligations and under increased regulatory oversight.
However, the importance of the incident goes beyond the dispute itself, as it highlights broader concerns regarding stablecoins and sanctions evasion.
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Blockchain analytics firms, including TRM Labs, Chain Analysis, and Elliptic, have previously reported on the growing use of USDT by entities linked to Iran to transfer money outside of traditional banking channels.
US authorities, including the Office of Foreign Assets Control (OFAC), have imposed sanctions on other trading platforms over Iran-related activities linked to USDT in Tron.
The standoff remains a clash of narratives, with accusations from anonymous sources met with firm denials from the companies.
With no new enforcement action announced, the question shifts from whether there were violations to how transparency, compliance and investigative journalism intertwine in an industry still struggling to regain trust.
