Binance has refuted claims from a Fortune report alleging that the exchange facilitated over $1 billion in transactions linked to Iranian entities between March 2024 and August 2025. The reported transfers involved Tether’s USDt stablecoin on the Tron blockchain and raised concerns about potential sanctions violations.
In response, Binance asserted that no compliance investigators were dismissed for reporting concerns and that its internal review, conducted with outside legal guidance, found no evidence of sanctions violations. The exchange's CEO, Richard Teng, emphasized that the organization remains committed to meeting its regulatory obligations.
This dispute comes amid ongoing scrutiny of Binance following a 2023 settlement with U.S. authorities, where the company agreed to a $4.3 billion payment for anti-money laundering and sanctions violations. Additionally, Binance has pledged to enhance its compliance systems and continues to operate under monitoring as part of its regulatory commitments.
Binance also addressed claims suggesting a failure to comply with regulations, labeling these assertions as unfounded. The exchange continues to cooperate with oversight requirements, aiming to strengthen its compliance framework.