Binance denies sanctions violations and firing of investigators

Binance issued a forceful rebuttal after a recent report claimed the platform processed Iran-linked transactions and fired investigators who flagged potential violations. The exchange called the allegations “categorically false” and said an internal audit, conducted with external legal counsel, found no evidence of sanctions breaches.

The report cited by critics referenced more than $1 billion in transfers allegedly connected to Iranian entities and routed through USDT on the Tron network. It also claimed that several staff members with law-enforcement backgrounds were dismissed after identifying suspicious activity. Binance fully denied this account, stressing that “no employee was terminated for raising potential sanctions-related concerns.”

The company said it found no indications of activity that would violate existing sanctions regimes and emphasized that it continues to meet all supervisory obligations. Binance also rejected claims that its oversight weakened after its 2023 settlement with U.S. authorities — a deal that required the company to pay $4.3 billion and strengthen compliance monitoring. According to Binance, all transactions undergo real-time screening, and the wallets referenced in the report were not sanctioned at the time of activity.

Media stories about alleged compliance gaps have persisted amid heightened regulatory scrutiny worldwide. Earlier coverage raised questions about roughly $1.7 billion in transactions tied to suspicious accounts, but Binance maintains those conclusions were drawn without proper context or consideration of the actual status of the addresses involved. The exchange reiterates that compliance remains one of its highest priorities.

Amid ongoing pressure, Binance is working to maintain its position as the industry’s largest platform, publicly signaling its willingness to cooperate with regulators and responding aggressively to accusations targeting its compliance practices.