Binance has strongly denied a report alleging it removed internal investigators who flagged over $1 billion in transactions potentially linked to Iran. The exchange’s co-CEO, Richard Teng, stated no sanctions violations were found and no one was fired for raising concerns, attributing the terminations to internal policy breaches. These claims emerge as Binance seeks to rebuild its compliance reputation following a 2023 $4.3 billion settlement with U.S. authorities.
World-leading cryptocurrency exchange Binance has forcefully rejected allegations it dismissed staff who identified suspicious transactions. A report stated internal investigators flagged around $1 billion in Tether (USDT) moving via the Tron blockchain, a network regulators associate with sanctions evasion, between March 2024 and August 2025.
Binance and co-CEO Richard Teng denied the core claims in a public statement. Teng wrote, “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.” The exchange asserted the employees were terminated for violating internal rules, such as accessing data without authorization.
The crypto community showed support for Teng’s rebuttal on social media. One user noted the response demonstrated “excellent level of corporate maturity,” while another cited a widening gap between anonymous sources and audit results.
The allegations surface during a broader market downturn, with Binance’s BNB token trading 1.42% lower at $618.18. Former CEO Changpeng Zhao reportedly labeled the initial article “paid FUD” spread by disgruntled former employees. The situation highlights ongoing scrutiny of crypto exchanges’ compliance frameworks.
