| What to Know: - Binance rejects claims of over $1B Iran-linked USDT transactions. - Denies investigators were fired over sanctions concerns; compliance program remains active. - Calls sanctions allegations unfounded, says safeguards and staffing were not weakened. |
According to BeInCrypto, Binance rejected allegations that it processed more than $1 billion in Iran-linked USDT transactions and denied that investigators were dismissed over sanctions concerns. The company maintains its sanctions-compliance program remains in force.
The exchange characterized the sanctions narrative as unfounded and said no compliance staff were terminated for raising concerns, per the same report. It continues to dispute suggestions that its safeguards were weakened.
As reported by Fortune, members of Binance’s investigations unit allegedly flagged activity involving Iran-linked counterparties and were later dismissed, with internal findings pointing to over $1 billion in Tether flowing through the platform. The account focuses on whether such flows could implicate U.S. sanctions exposure.
Binance countered that an internal review found no violations and argued the article included errors. “An internal review, with outside legal counsel, found no evidence of sanctions-law violations,” said Richard Teng, CEO, Binance.
The report also noted Binance’s 2023 $4.3 billion settlement with U.S. authorities and the presence of a compliance monitorship, which heightens the stakes for any sanctions-related scrutiny. That settlement frames the regulatory backdrop against which both the allegations and Binance’s denials are being evaluated.
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