Binance said it has reduced its exposure to sanctioned entities and high-risk jurisdictions by about 97% since January 2024, bringing such activity down to roughly 0.009% of total exchange volume.
In a blog post titled “Setting the record straight,” the crypto exchange said direct exposure to the four largest Iranian exchanges declined from $4.19 million to $110,000 between January 2024 and January 2026.
The statement followed a 13 February Fortune report citing anonymous sources who alleged Binance dismissed at least five investigators after they uncovered potential Iranian sanctions violations.
Binance denied the allegations, stating the report was “categorically false” and adding:
“No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues.”
The company said some compliance employees departed after an internal review identified “breaches of company data-protection and confidentiality guidelines,” rather than as retaliation for raising concerns.
“Recent reporting on Binance’s sanctions compliance relies on incomplete and mischaracterised accounts that do not reflect all of the facts and the full investigative record,”
The exchange said.
Binance added that approximately 25% of its global workforce is dedicated to compliance functions and that it has invested hundreds of millions of dollars in strengthening its compliance programmes, amid continued scrutiny over its past dealings in sanctioned jurisdictions.