Key Points

  • Reports indicate Binance investigators identified $1.7 billion in cryptocurrency linked to Iranian entities.

  • Binance states that no personnel were terminated for expressing concerns about sanctions.

  • According to reports, over 1,500 Binance accounts were accessed from Iran.

  • Binance claims its exposure to significant Iranian exchanges has decreased by over 97% since 2024.

Binance refutes claims of dismissing investigators connected to $1.7 billion in crypto flows linked to Iran, following reports that the exchange removed staff who raised alarms about transactions involving Iranian entities. The company asserted that no employee was fired for reporting potential sanctions-related matters.

Allegations of Crypto Movements Connected to Iran

Media outlets reported that Binance investigators discovered more than 1,500 accounts on the exchange had been accessed from Iran over the past year. The investigators also documented approximately $1.7 billion in cryptocurrency moving from two Binance accounts to entities associated with Iran, including wallets tied to the Islamic Revolutionary Guards Corps. The New York Times indicated that this internal team presented these findings to senior executives, including CEO Richard Teng and Chief Compliance Officer Noah Perlman.

One of these two accounts belonged to Blessed Trust, a Hong Kong payments firm that collaborated with Binance as a fiat partner. Reports suggested that investigators connected transfers from this account to Iranian networks. Blessed Trust informed reporters that the company did not knowingly support restricted activities and stated that its work with Binance involved standard financial operations such as payroll and invoice settlement.

The Wall Street Journal also reported that Hexa Whale Trading, a Hong Kong entity, transferred around $500 million in USDT to an Iranian-linked network. Investigators stated that these funds reached groups supported by Iran, including Yemen’s Houthis, as per documents cited by both publications.

Assertions of Binance Staff Suspensions and Internal Actions

Reports indicated that the investigators involved in examining the Iranian transactions were suspended or terminated in 2025. The Wall Street Journal reported that the internal investigation was closed weeks after founder Changpeng Zhao received a U.S. presidential pardon.

The New York Times stated that at least four investigators faced disciplinary action for alleged mishandling of client information shortly after reporting the crypto flows.

Several compliance officials have departed Binance in recent months as the company continues its search for a replacement for Chief Compliance Officer Noah Perlman, who is anticipated to leave later this year. These changes have drawn further attention to the reports concerning the internal investigation.

Binance Issues Official Statement

In a statement, Binance affirmed that no investigator was dismissed for raising compliance concerns. “We strongly dispute the assertions made in recent reports,” a spokesperson declared. The company stated that its internal review found no evidence of sanctions violations linked to the reported transactions. The spokesperson added that Binance detected and reported suspicious activity, indicating that its internal controls were effective.

The exchange also provided data regarding its exposure to Iranian entities. It reported that direct exposure to the four largest Iranian crypto exchanges decreased by over 97 percent between January 2024 and January 2026, falling from $4.19 million to approximately $0.11 million. Binance noted that complete removal of exposure is not possible because public blockchain networks allow anyone to send funds to deposit addresses.

Changpeng Zhao commented on social media that recent reports reiterated negative claims from former employees. He asserted that Binance maintains what he described as the industry’s leading compliance program. Zhao resigned as CEO under a 2023 U.S. settlement but remains a significant shareholder.

Ongoing Compliance Measures and Regulatory Context

Binance continues to operate under the reforms mandated by its 2023 settlement with U.S. authorities. The company admitted guilt to anti-money-laundering and sanctions violations and agreed to pay $4.3 billion in penalties. As part of the settlement, Binance is required to report potential unlawful activity and cooperate with law enforcement.

Reports indicated that Binance investigators continued to uncover possible sanctions breaches last year. These findings included access from sanctioned jurisdictions and activity from Russian vessels believed to be circumventing restrictions. Binance clarified that the vessels were not sanctioned and stated that the activity did not constitute a violation.

The company confirmed that the accounts linked to the Iranian-related transfers were closed and that authorities were informed. The crypto exchange further stated that no employee involved in the investigation was dismissed for raising compliance issues, and any disciplinary cases were related to the handling of confidential data.