For Binance [BNB], which is already being closely watched by U.S. regulators, the situation has become even more serious.
The world’s largest crypto exchange has strongly denied reports that it removed internal staff who raised concerns about more than $1 billion in transactions linked to Iran.
Needless to say, these claims could damage Binance’s efforts to present itself as a new and more responsible company after its $4.3 billion settlement with U.S. authorities.
How did the allegations erupt in the first place?
The issue began with a detailed report by Fortune. The report claims that around $1 billion worth of Tether (USDT) moved through the Tron blockchain.
Regulators often warn that the Tron network is commonly used to avoid sanctions.
According to the report, between March 2024 and August 2025, Binance’s internal investigators identified these transactions as being linked to Iran.
But instead of their concerns being fully addressed, the investigators were reportedly removed from their roles.
This was not seen as normal staff turnover. The report suggests that these exits weakened Binance’s compliance team, the very group responsible for monitoring suspicious activity and ensuring the company follows the law.
Binance’s response and community reactions
In a strong reply to Fortune, Binance and its co-CEO, Richard Teng, denied the claims and offered a different explanation.
Teng wrote,
Binance says the employees were not removed for speaking up. Instead, the company claims they were fired for breaking internal rules, such as accessing data without permission.
The crypto community also stood in support of Teng’s remarks, as noted by an X user who said,
Echoing similar sentiments, another X user added,
What’s more?
This comes at a time when the crypto market is already struggling. Binance’s BNB, being no exception, has also fallen to $618.18, down 1.42% in the past 24 hours.
This further coincided with Binance’s CZ also calling the report “paid FUD,” saying it was spread by unhappy former employees.
However, still in the end, it is unclear whether this is real whistleblowing or just complaints from former staff.
Final Summary
- The case may encourage regulators to tighten oversight of stablecoin and blockchain transaction flows.
- Binance’s strong denial signals confidence, but market reactions show investors remain cautious.
Source: https://ambcrypto.com/binance-denies-1b-iran-linked-claims-no-sanctions-violations-were-found/
