Binance Disputes Fortune Claims of Iranian Sanctions Breaches and Wrongful Terminations

TLDR:

• Binance conducted internal review and found no evidence of sanctions violations tied to Iranian transactions 
• Exchange operates under Abu Dhabi Global Market regulation plus 21 local jurisdictions worldwide 
• Company denies firing investigators for raising compliance concerns about alleged sanctions breaches 
• Binance invested heavily in compliance infrastructure since 2023 regulatory settlement with authorities
  

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Binance has formally disputed a Fortune investigation claiming the exchange processed over $1 billion in Iran-related transactions.

The cryptocurrency platform sent a detailed rebuttal letter on February 15, addressing allegations published two days earlier.

The company stated that a comprehensive internal review found no evidence of sanctions violations. Binance emphasized its commitment to regulatory compliance and cooperation with authorities.

Company Denies Evidence of Sanctions Violations

Fortune’s February 13 article alleged that internal investigators uncovered substantial transaction volumes tied to Iran.

The report suggested these transfers potentially violated international sanctions laws. Binance conducted a full internal review following the claims raised in the investigation.

The exchange stated it found no evidence supporting allegations of sanctions law breaches. This conclusion was reached after consultation with qualified legal counsel.

The company rejected assertions that violations were discovered and then suppressed. Binance characterized the Fortune report as containing material inaccuracies requiring correction.

The exchange operates under regulatory oversight from multiple jurisdictions worldwide. Binance holds authorization from the Abu Dhabi Global Market as its primary regulator.

The platform also maintains licenses and registrations across 21 different local jurisdictions. These regulatory relationships require ongoing compliance monitoring and reporting.

Chief Executive Officer Richard Teng addressed the allegations through the social media platform X. He stated that the record must be clear regarding the absence of sanctions violations.

Teng also denied that investigators were terminated for raising compliance concerns. The CEO requested corrections to what he described as inaccurate reporting.

Enhanced Compliance Framework Since 2023 Resolution

Binance referenced its 2023 regulatory settlement when addressing compliance capabilities. The company has invested substantially in its sanctions screening infrastructure since that resolution.

These investments included expanded staffing dedicated to compliance functions. The exchange allocated resources to anti-money laundering controls and transaction monitoring systems.

The platform described its compliance program as among the most robust in digital assets. Binance maintains internal standards that often exceed global regulatory requirements.

The company implements zero-tolerance policies on staff conduct violations and unauthorized data access. These policies extend to failures in observing internal compliance procedures.

The exchange questioned the sourcing and motivations behind the Fortune investigation. Binance noted the article relied heavily on anonymous sources while presenting speculation as fact.

The company emphasized that multiple legitimate channels exist for reporting compliance concerns. These include internal whistleblowing provisions and statutory protections for employees raising issues.

Binance requested that Fortune review its statements and correct misleading implications. The exchange offered to provide additional context for more accurate reporting.

The company stressed that accuracy is critical when publishing allegations related to sanctions compliance. Binance affirmed its continued cooperation in meeting monitorship obligations and regulatory commitments across all jurisdictions.

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