Binance CEO Richard Teng denied accusations that the world’s leading bitcoin (BTC) and cryptocurrency exchange had fired members of its investigations team for reporting possible violations of international sanctions. In an interview, the manager called reports suggesting internal retaliation against compliance personnel «false and misleading.» Teng acknowledged that There were indeed employee departuresbut clarified that these were due to violations of the company’s internal policies and not the content of its professional findings. The controversy arose after the publication of reports in American media such as Fortune, which indicated that at least five researchers were dismissed after reporting that entities linked to Iran had mobilized more than $1 billion through the platform between March 2024 and August 2025. According to these reports, the specialists, some with previous experience in police forces in Europe and Asia, would have detected the use of the USDT stablecoin on the Tron network to evade controls. However, Teng insisted that “no one at Binance has ever been fired for raising compliance concerns,” emphasizing that troubleshooting is precisely the primary function of such teams. The CEO recalled that Binance has invested hundreds of millions of dollars in rebuilding its regulatory framework following the more than $4 billion fine it paid to the U.S. and said they “welcome good faith scrutiny, but these claims are not good faith.” “They fundamentally misrepresent the company and the compliance function we have built over the past few years,” Teng said. The executive, who has a two-decade track record as a financial services regulator, noted that the media coverage «has been irresponsible» in suggesting a disregard for the exchange’s legal obligations.
Teng says they work to maintain efficient regulatory compliance. Source: @_RichardTeng – X.
Binance alleges there were no sanctions violations against Iran
Regarding transactions linked to Iran, Teng explained that Binance’s internal review did not reveal violations of the sanctions regime at the time the operations were carried out. According to the manager, “none of the Binance users involved were sanctioned and none of the receiving wallets were designated as sanctioned at the time of the transactions.” He detailed that the authorities identified these wallets as sanctioned entities only after the financial activity had concludedwhich would explain why the automatic controls did not block the funds immediately. This situation has caught the attention of authorities in the United States. Democratic Senator Richard Blumenthal, member of the Senate Permanent Subcommittee on Investigations, initiated a formal investigation against the company, as reported by BitcoinDynamic. The lawmaker called Binance a “repeat offender” and questioned the firing of investigators following revelations about the flow of capital to entities possibly linked to the Islamic Revolutionary Guard Corps and other groups under sanctions.
