Binance has denied allegations that it processed more than $1 billion in Iran-linked transactions and dismissed compliance investigators who raised concerns internally.
The claims stem from a February 13 report by Fortune, which alleged that investigators identified over $1 billion in transfers tied to Iranian entities between March 2024 and August 2025 involving Tether on the Tron network.
“The record must be clear. No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments. We’ve asked for corrections to recent reporting,”
Said Binance co-chief executive, Richard Teng.
In a formal letter to Fortune, Binance said the article contained “gross material inaccuracies and misleading implications” and stated that no personnel decisions were related to the reporting of alleged sanctions violations.
The exchange added that a full internal review conducted alongside external legal counsel found no evidence of sanctions breaches and said it operates under whistleblower protections and strict employment laws across multiple jurisdictions.
The allegations come amid heightened sensitivity following Binance’s $4.3 billion settlement with US authorities in 2023 over anti-money laundering and sanctions violations, after which the company committed to enhanced compliance and monitoring obligations.
Blockchain analytics firms including TRM Labs, Chainalysis and Elliptic have previously reported growing use of USDT by Iranian-linked actors to bypass traditional banking channels, while the Office of Foreign Assets Control has sanctioned other exchanges over similar activity, leaving the dispute as a battle of narratives without new enforcement action announced.