Binance Under Fire: Dismissing Allegations on Massive Crypto Transfers

Binance, the globe’s most extensive cryptocurrency exchange platform by trading volume, finds itself in the crosshairs of recent allegations suggesting it dismissed compliance members after uncovering $1 billion in crypto transactions linked to Iran. These claims have placed the company under intense scrutiny, sparking debates about potential regulatory lapses and internal management decisions.

How Did the Allegations Start?

The allegations took root following an investigative piece by a U.S. media outlet on February 13, 2026. The investigation alleged that Binance’s compliance and audit departments unveiled significant Tether (USDT) transfers conducted between March 2024 and August 2025, hinting at associations with Iranian entities. Following these claims, it was suggested that more than five veteran staff members were dismissed, causing further intrigue and suspicion.

What Does Binance Say?

Richard Teng, Binance’s Board Member and CEO, has firmly denied these accusations. In a statement, he clarified that Binance found no evidence of sanctions violations and rejected the notion that staff had been terminated for reporting concerns.

No sanctions breaches were found in our company records. No employee was dismissed for flagging concerns, and Binance continues to fulfill its regulatory obligations. We have contacted several media organizations to request corrections to their reporting, Teng noted in his statement.

Binance has highlighted inaccuracies and misleading conclusions present in the initial report. The company asserts that personnel decisions were unrelated to any sanctions alerts and maintains that its investigations align with legal principles and standards.

Oversight from both internal and external legal experts was part of Binance’s comprehensive review of the transactions, revealing no evidence of breach.

Industry-Wide Concerns and Binance’s Position

In the wake of a settlement concerning alleged money laundering breaches in 2023, Binance has been subject to increased scrutiny, especially in the U.S. The company has publicly committed to bolstering its compliance architecture.

Meanwhile, blockchain analysis firms like TRM Labs and Chainalysis have reported rising utilization of Tether for cross-border activities by those connected to Iran, prompting the U.S. Treasury’s OFAC to investigate multiple exchanges for similar issues. Elliptic identified some USDT transactions on the Tron network involving sanctioned addresses.

With enhanced compliance systems in place, Binance aims to deflect these controversies, although the saga has left an indelible mark on industry practices and regulatory dialogues.

Notably, despite mounting claims, there have been no emergent official probes or penalties against Binance concerning these recent allegations.