Binance, the world's largest cryptocurrency exchange, is under fresh scrutiny as new allegations emerge regarding its compliance practices. According to the authors of the publication, it is concerning that an exclusive report by Fortune has raised serious concerns about the exchange's internal controls, particularly in relation to transactions linked to Iran.
Allegations of Sanctions Violations
According to the report, members of Binance's compliance team flagged transactions that indicated entities associated with Iran received over $1 billion through the platform between March 2024 and August 2025. If these allegations are substantiated, they could signify significant breaches of U.S. sanctions laws, raising the stakes for the exchange amid ongoing regulatory challenges.
Compliance Team Turmoil
The situation escalated when at least five compliance team members were reportedly dismissed after documenting their findings, including individuals with backgrounds in law enforcement. Furthermore,
- four senior compliance officials have either resigned
- or been ousted in recent weeks
Expert Reactions and Company Response
Legal expert Robert Appleton expressed surprise at the developments, especially considering the heightened scrutiny from government regulators over Binance's operations. This controversy comes on the heels of a major legal settlement in 2023, where Binance admitted to violations of anti-money laundering and know-your-customer regulations. In response to the allegations, former CEO Changpeng Zhao has publicly dismissed the claims, labeling the narrative as inconsistent and questioning the credibility of the anonymous sources involved.
In a recent development, US Congressman Ro Khanna has initiated an investigation into World Liberty Financial's dealings with the UAE and Binance, highlighting regulatory concerns in the cryptocurrency sector. For more details, see read more.
