Accused of bypassing sanctions, Binance strikes back

Binance is still paying for the mistakes of its past. After the record fine of 2023, after prison for CZ, the giant was supposed to clean up. But here are new accusations resurfacing. One billion dollars is said to have transited to Iran through its coffers. Worse: internal investigators are said to have been thanked with dismissal. The image of the crypto exchange takes a hit. But Richard Teng, the boss, does not intend to let it happen.

One billion under sanctions: the investigation shaking Binance

Iran recorded 7.8 billion dollars in crypto activity in 2025. In this colossal flow, part of it is said to have taken a very specific path. On February 13, Fortune drops an explosive investigation. Internal sources, documents in support: Binance investigators allegedly discovered more than one billion dollars of transactions related to Iran.

Between March 2024 and August 2025, massive USDT flows transited on the Tron network. The problem? This period comes after the historic agreement with the U.S. justice, after the solemn promise of “regulatory maturity” made to the authorities.

Another upsetting revelation: at least five investigators are said to have been fired after reporting the information. Three of them came from law enforcement, experts in financial intelligence. Four compliance officers have also left the ship in recent months. Robert Appleton, former Department of Justice official, sums up the discomfort: 

It is rather shocking that this happened under monitorship with internal investigators.  

Binance’s past, indeed, sticks to its heels.

Richard Teng unloads his clip into the crypto-sphere

Richard Teng does not let it slide. On February 16, the head of Binance posts on X a sharp message:

The case must be clear. No sanction violations were found, no investigator was fired for raising concerns, and Binance continues to meet its regulatory commitments.

He demands corrections from Fortune. He explains that the exchange conducted its own investigation with external lawyers, and the result is unequivocal: zero violation. To back up his words, he brings out the heavy artillery: 1,300 employees dedicated to compliance, partnerships with Chainalysis and Elliptic, compliance with the laws of 21 jurisdictions. 

The BNB issuer no longer just denies. He counterattacks on all fronts. But one question remains: why so many departures in the compliance team if everything is fine?

Tether and Tron, the cursed duo sticking to Binance’s heels

One last detail, and not the least: all disputed transactions used the same technical pair. USDT on the Tron network. It’s no coincidence that this pair comes up so often. Tron, fast and economical, is also much less traceable than Ethereum. 

Sanctions evaders have perfectly understood. OFAC has just sanctioned two British exchanges for exactly the same reasons, using the same methods.

The Central Bank of Iran itself recently purchased 500 million USDT, just to keep a dollar reserve outside the traditional banking system. Binance, as the largest crypto exchange on the planet, involuntarily becomes the natural receptacle for these dubious flows.

Whether it wants to or not, it attracts them like a magnet. Guilty or not? The debate remains open. But the patterns accumulate in a troubling way.

What to take away from the Iranian affair

• 1 billion dollars: the amount of suspicious transactions according to Fortune’s investigation;
• 5 investigators: number of compliance officers who were reportedly fired after alerting;
• 4.3 billion: the historic fine Binance was supposed to forget;
• 610 dollars: the price of BNB, unshaken despite the media storm;
• 500 million: USDT purchases by the Central Bank of Iran to bypass sanctions.

So, is Binance telling the truth or are there things escaping its control? What remains under its control, however, also alarms. Observers ask if the crypto giant worsened the October crash. Its servers lagged, traders were stuck. The question deserves to be asked.