Binance Denies Firing Staff Over Iran Sanctions Allegations

Binance has faced criticism over its handling of sanctions in the past, but a recent report suggests that the exchange may have taken steps to address these concerns.

According to an investigation, Binance's own compliance team had identified over 1,500 accounts connected to Iran active on the platform. Some of these wallets were allegedly linked to Iran's Revolutionary Guard and other groups such as the Houthis.

The exchange claims that it had reported suspicious activity to authorities and shut down problematic accounts. Binance also notes that its exposure to Iranian entities has decreased by 97% since 2024, from $4.19 million to just $110,000.

However, some critics argue that the exchange's actions may not be enough to prevent sanctions evasion at scale. The controversy comes amidst a larger debate over the ability of crypto exchanges to comply with sanctions regulations.