Binance CEO Rejects Fortune Report on Iran Sanctions

Binance CEO Richard Teng has pushed back against a recent Fortune report. That accused the exchange of sanctions-related misconduct. The article, published on February 13, claimed Binance dismissed compliance investigators. After they flagged more than $1 billion in Tether transactions linked to Iran.

However, Teng said the claims were false and misleading. In a public letter dated February 15, he stated that no sanctions violations were found during internal reviews. He also said no investigators fired for raising concerns. The exchange has now asked Fortune to correct the story.

Fortune’s Allegations Trigger Fresh Scrutiny

The controversy began when Fortune cited anonymous sources and internal documents. The report claimed Binance investigators detected over $1 billion in Iran-linked USDT flows between March 2024 and August 2025. It also alleged that at least five compliance staff were dismissed after flagging those concerns.

These claims arrived while Binance was already under heavy regulatory watch. The exchange is still operating under monitoring requirements after its major U.S. settlement in 2023. So, any new sanctions-related allegations quickly drew attention across the crypto market. The report suggested the internal team faced pressure after raising the issue. But the sources were unnamed and the company disputed the entire narrative within days.

Binance Denies Violations and Defends Its Compliance

Binance CEO Teng responded first through social media and then with a formal letter to Fortune. He said the exchange conducted a full internal review with legal counsel. According to him, that review found no evidence of sanctions violations tied to the transactions mentioned.

He also rejected the claim about staff firings. Binance CEO Teng said no investigators were dismissed for raising compliance concerns. He stressed that Binance follows whistleblower protections and strict internal policies. In his statement, Teng said the record must remain clear. He insisted Binance continues to meet all regulatory commitments after its 2023 settlement. The company also highlighted its expanded compliance staff and the use of third party monitoring tools.

Industry Reactions and Ongoing Debate

Founder Changpeng Zhao also weighed in on the issue. He called the Fortune report “fake news.” Assionally, suggested it relied on weak or contradictory claims. CZ argued that large exchanges use multiple tools to track transactions. This makes such allegations questionable.

Meanwhile, reactions across the crypto community are mixed. Some users supported Binance response and criticized the use of anonymous sources. Others pointed to the company’s past legal troubles and urged caution.

So far, the story has not caused major market shocks. But it has renewed the debate around sanctions enforcement in crypto. Especially with stablecoins moving across public blockchains. For now, the dispute remains unresolved. Binance has asked for corrections but Fortune has not issued a new update. The situation shows how quickly compliance questions can return to the spotlight in the crypto industry.

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