Binance Faces Sanctions Concerns After Firing Investigators

Binance has been at the center of a controversy surrounding its handling of cryptocurrency transactions to entities linked to Iran-backed terror groups. According to sources familiar with the matter, executives at the exchange had dismantled an internal investigation into $1 billion in transfers that had passed through Binance.

The investigation, which was conducted by a team of staff members, identified a primary channel for these transactions as a trading account belonging to a close business partner of Binance. This partnership raised concerns about potential conflicts of interest and the exchange's ability to prevent illicit activities.