Binance Disputes Fortune Claims of Iranian Sanctions Breaches and Wrongful Terminations

TLDR: Binance conducted internal review and found no evidence of sanctions violations tied to Iranian transactions Exchange operates under Abu Dhabi Global Market regulation plus 21 local jurisdictions worldwide Company denies firing investigators for raising compliance concerns about alleged sanctions breaches Binance invested heavily in compliance infrastructure since 2023 regulatory settlement with authorities Binance has formally disputed a Fortune investigation claiming the exchange processed over $1 billion in Iran-related transactions. The cryptocurrency platform sent a detailed rebuttal letter on February 15, addressing allegations published two days earlier. The company stated that a comprehensive internal review found no evidence of sanctions violations. Binance emphasized its commitment to regulatory compliance and cooperation with authorities. Company Denies Evidence of Sanctions Violations Fortune’s February 13 article alleged that internal investigators uncovered substantial transaction volumes tied to Iran. The report suggested these transfers potentially violated international sanctions laws. Binance conducted a full internal review following the claims raised in the investigation. The exchange stated it found no evidence supporting allegations of sanctions law breaches. This conclusion was reached after consultation with qualified legal counsel. The company rejected assertions that violations were discovered and then suppressed. Binance characterized the Fortune report as containing material inaccuracies requiring correction. The exchange operates under regulatory oversight from multiple jurisdictions worldwide. Binance holds authorization from the Abu Dhabi Global Market as its primary regulator. The platform also maintains licenses and registrations across 21 different local jurisdictions. These regulatory relationships require ongoing compliance monitoring and reporting. Chief Executive Officer Richard Teng addressed the allegations through th...