Binance refutes sanctions‑evasion allegations and reports a 97% decline.

crypthub

about 8 hours ago

Sanctions Exposure Reduction

Binance reports its exposure to sanctioned entities dropped 97% from January 2024 to July 2025, falling from 0.284% to 0.009% of total volume. Direct ties to the four largest Iranian crypto exchanges fell from $4.19 million to about $0.11 million, outpacing peer exchanges. In 2025 the firm handled over 71,000 authority requests and supported more than $131 million in confiscations. The company calls its compliance program “best‑in‑class” and says it is continuously strengthening it.

Allegations and Workforce Changes

Fortune alleged that investigators were dismissed after flagging over $1 billion in USDT transactions linked to Iranian counterparties on the Tron blockchain. At least four senior compliance staff left or were pushed out in the last three months. Analytics firm Elliptic noted Iranian central‑bank wallets accumulated over $500 million in USDT, suggesting stablecoins were used to skirt banking limits. Binance contends internal reviews cleared the flagged entities and that dismissals stemmed from breaches of data‑protection rules.

Binance Response and Ongoing Reforms

The exchange says the reports rely on incomplete, mischaracterized information and that no alerts were triggered by industry‑standard monitoring tools. It denied firing staff for pursuing sanctions cases, citing internal investigations. Former CEO Changpeng Zhao labeled the accusations as FUD from “unhappy” anonymous sources. Binance continues to operate under compliance reforms following a $4.3 billion settlement for AML and sanctions violations.