Binance faces new allegations that it processed $1 billion in 2025 transactions linked to sanctioned Iranian entities, resulting in the firing of internal investigators. The exchange and its former CEO, Changpeng Zhao, have dismissed the claims as “paid FUD,” while current CEO Richard Teng called the report irresponsible but emphasized compliance is a continuous effort. Binance’s Bitcoin reserves have reportedly increased despite the allegations.
Crypto exchange Binance is confronting fresh compliance troubles. A new report alleges the platform fired investigators who discovered $1 billion in transactions linked to sanctioned Iranian entities during 2025.
Former CEO Changpeng Zhao dismissed the report on social media, calling it ‘paid FUD’ or the work of an ‘unhappy’ ex-employee. Current CEO Richard Teng also labeled the story ‘irresponsible’ but acknowledged the ongoing fight against illicit activity.
“This is especially so with the increasing sophistication by bad actors employing tools and techniques to avoid detection,” Teng stated. “We will continue our tireless efforts to fight illicit crimes and uphold global integrity.”
This comes while Binance remains under a three-year independent compliance monitor from its 2023 plea deal with the U.S. Department of Justice. Blockchain analytics firm TRM Labs recently noted Iran received over $10 billion in crypto in 2025.
Half of those funds were reportedly linked to Iran’s Islamic Revolutionary Guard Corps. TRM’s Ari Redbord said the U.S. Treasury is concerned about this surge in activity used to evade sanctions.
Despite the allegations, the exchange has not seen major panic withdrawals. Data indicates Binance’s Bitcoin reserves actually grew from 651,000 to 666,000 BTC recently.
