Binance has forcefully denied a Fortune report that its internal compliance team uncovered over $1 billion in transactions linked to Iranian entities between March 2024 and August 2025. The allegations pushed Binance Coin (BNB) down 3% to $616.94 shortly after publication.
Fortune's February 13 article claimed Binance's compliance staff detected large USDT flows on the Tron blockchain, a network increasingly scrutinized for sanctions evasion. It further alleged that Binance dismissed investigators who flagged the potential violations. But Binance co-CEO Richard Teng pushed back, stating flatly: 'No sanctions violations were found, and no investigators were terminated for raising concerns.'
Internal Probe Clears Binance, Company Says
Binance issued a statement calling the Fortune piece 'grossly inaccurate' and 'misleading.' According to the exchange, a full internal review conducted with external counsel revealed zero evidence of sanctions breaches. The company also addressed personnel changes in its compliance division: 'No employment decisions were made based on sanctions-related concerns.' Binance reiterated its commitment to whistleblower protections and rigorous compliance standards across all jurisdictions.
The timing of the allegations is especially delicate. Binance only recently wrapped up a $4.3 billion settlement with U.S. authorities in late 2023 over anti-money laundering and sanctions violations. As part of that deal, the exchange pledged to overhaul its sanctions screening, monitoring, and compliance infrastructure. In its statement, Binance highlighted 'significant improvements' already made in those areas since the settlement.
Stablecoin Risks in the Spotlight
The controversy also refocuses attention on the use of stablecoins like Tether (USDT) for potential sanctions evasion. Blockchain analytics firms — including TRM Labs, Chainalysis, and Elliptic — have repeatedly flagged that Iranian-linked entities rely on Tron-based USDT to bypass traditional financial rails. Fortune's report mirrors those findings, adding fresh pressure on Binance's compliance track record.
BNB Technicals: Consolidation With a Bullish Bias
Despite the news-driven dip, BNB's price chart shows signs of stabilization. The Parabolic SAR has flipped to a buy signal, while the Stochastic Oscillator is deep in oversold territory, typically a precursor to upward reversal. However, the ADX remains below 25, indicating a weak trend and likely continued range-bound trading before a breakout materializes.