Binance’s New Controversy: Investigators Suspecting Iranian Sanctions Violations Fired
The world’s largest cryptocurrency, Binance, is facing renewed scrutiny following an exclusive report published by Fortune on Friday that raises new questions about the exchange’s internal compliance controls and sanctions oversight.
Alleged Violations of Sanctions
According to many sources and internal documents updated with the publication, members of Binance’s compliance team have identified transactions that suggest that entities linked to Iran received more than $1 billion through the platform between March 2024 and August 2025.
The transfer is reportedly done using the stablecoin Tether (USDT) on the Tron blockchain. If confirmed, such activity would constitute a violation of US sanctions.
The report says that after internal investigators documented their findings and sent reports through official channels, at least five members of the compliance team were fired starting in late 2025.
The people suspected of being cut off include professionals with previous law enforcement experience in Europe and Asia. At least three of them held senior roles within Binance, overseeing a special investigation once questions of financial crime around the world.
In addition, the report reveals that at least four other senior compliance officers have resigned or been forced out in the past three months. The people cited by Fortune spoke on condition of anonymity, expressing concern about potential legal ramifications.
Robert Appleton, a partner at the law firm Olshan Frome Wolosky who previously led sanctions and Iran-related litigation at the US Department of Justice (DOJ), described the situation as surprising.
“It is shocking that it happened under the watchful eye [Binance] internal investigators,” Appleton told the magazine, referring to government surveillance placed on the company following previous enforcement actions.
Former Binance CEO Pushes Back on New Allegations
The latest controversy comes against the background of Binance’s landmark legal agreement in 2023. That year, the exchange pleaded guilty to violating the law. fight money laundering (AML) and know your customer requirements (KYC).
As part of the decision, the group’s founder Changpeng Zhao (CZ) stepped down as CEO, and Binance accepted government-imposed monitoring aimed at strengthening its compliance framework and ushering in what the company described at the time as a new era of “regulatory maturity.”
Zhao is in public rejected claims presented in a recent report. Speaking to this article, he said he has no in-depth knowledge of the situation but pointed out that the narrative seems inconsistent.
The former executive suggested that, even if the allegations were true, the alternative would be for the investigators to be fired for failing to prevent the alleged transactions.
Zhao also questioned whether third-party anti-money laundering tools—such as those used by law enforcement agencies—identified the transactions in question. Although he is no longer running Binance, Zhao said that during his tenure, all transactions have been evaluated through many external applications. AML monitoring systems.
He also criticized the reliance on anonymous sources, suggesting that anonymous accounts can be used to create negative stories, especially if the people involved are disgruntled or have ulterior motives.
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