Binance Denies Sanctions Allegations Amid Significant Trading Reduction

Binance, one of the world's largest cryptocurrency exchanges, has responded to allegations of sanctions violations after reports claimed that the company had fired investigators who had flagged $1 billion in Iranian-linked transactions. According to a recent report by Fortune, internal investigators at Binance had uncovered over $1 billion in USDT transactions linked to Iranian entities, which allegedly violated sanctions laws.

The Fortune report stated that Binance had fired at least five compliance investigators after they flagged these transactions, despite the investigators' backgrounds in law enforcement and their involvement in sanctions and financial crime investigations. This move has raised concerns about how Binance handles high-risk activity and enforces sanctions controls.

In response to these allegations, Binance has emphasized its efforts to reduce exposure to sanctions-related trading. The company has reported a significant reduction in sanctions-related trading, from 0.284% to 0.009% of total volume over the past two years. This marks a drop of 96.8% and represents only a marginal share of total trading volume.

Binance maintains that its compliance program is stronger now and that it continues to cooperate with law enforcement agencies worldwide. The company has highlighted its significant investments in governance, monitoring, and investigations, with over 1,500 employees dedicated to these efforts. Binance also claims to have assisted authorities in handling over 71,000 requests worldwide in 2025 and seizing more than $131 million connected to illegal transactions.