Binance Says No Sanctions Breach After 1B Iran USDT Transactions Report Row

TLDR

Table of Contents

Binance denies processing $1B in Iran-linked USDT transactions.
Fortune reported investigators raised internal sanctions concerns.
Binance says no staff were fired for reporting violations.
Exchange cites internal and external legal review findings.

Binance has denied claims that it breached sanctions through Iran-linked USDT transactions. The response follows a February 13 report by Fortune.

The report alleged that internal investigators identified more than $1 billion in transactions tied to Iranian entities. The activity reportedly occurred between March 2024 and August 2025.

According to the report, the transfers involved Tether on the Tron blockchain. Tron has faced scrutiny from regulators over sanctions-related risks.

The record must be clear.
No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments.
We’ve asked for corrections to recent reporting. pic.twitter.com/glA9bdGaw1
— Richard Teng (@_RichardTeng) February 16, 2026

The article also stated that at least five compliance investigators were dismissed. These individuals were said to have raised concerns about the transactions internally.

Binance disputed the claims and rejected any suggestion of wrongdoing. The company said the findings in the report were inaccurate.

Company Response and Internal Review

Binance Co-CEO Richard Teng addressed the matter in a public statement. He said, “The record must be clear. No sanctions violations were found.”

Teng added that no investigators were fired for raising concerns. He also stated that Binance continues to meet its regulatory commitments.

In a formal letter to Fortune, Binance Communications described the report as containing “gross material inaccuracies.” The company requested corrections to the published article.

Irresponsible and misleading press articles based on anonymous sources (whether including possibly disgruntled ex-employees or otherwise) does injustice to the great work of our more than 1300 compliance staff working tirelessly to uphold global standards.
Facts:
1. Binance…
— Richard Teng (@_RichardTeng) February 14, 2026

Binance said no personnel decisions were related to sanctions reporting. It also stated that employment protections apply across the jurisdictions where it operates.

The exchange said it conducted a full internal review. External legal counsel participated in that process.

According to Binance, the review found no evidence of sanctions breaches tied to the reported transactions. The company maintained that it follows strict compliance standards.

Background After 2023 Settlement

The issue comes after Binance’s 2023 settlement with United States authorities. The exchange agreed to pay $4.3 billion over anti-money laundering and sanctions violations.

Since that settlement, Binance has operated under enhanced compliance measures. The company is subject to monitorship requirements and increased oversight.

Binance stated that it has strengthened sanctions screening systems. It also reported improvements in transaction monitoring and compliance staffing.

The allegations are sensitive due to the company’s past regulatory challenges. However, no new enforcement action has been announced in connection with this matter.

Stablecoins and Sanctions Risks

The report focused on USDT transactions conducted on the Tron blockchain. Stablecoins have been examined by regulators for potential sanctions risks.

Blockchain analytics firms have reported increased use of USDT by Iranian-linked actors. These firms include TRM Labs, Chainalysis, and Elliptic.

United States authorities, including the Office of Foreign Assets Control, have sanctioned other exchanges in past cases. Some of those actions involved Iran-linked USDT activity.

The current dispute centers on conflicting accounts. Anonymous sources cited in the report contrast with Binance’s official denials.

Binance maintains that no sanctions violations occurred. The company said it remains committed to regulatory compliance and cooperation with oversight authorities.