Binance (CRYPTO: BNB) fired at least five compliance investigators who uncovered evidence that Iran-linked entities received over $1 billion through the exchange between March 2024 and August 2025, potentially violating sanctions laws under government monitorship.
The $1 Billion Iran Finding
Investigators on Binance’s compliance team discovered entities tied to Iran received more than $1 billion through the exchange, according to Fortune citing internal documents and multiple sources.
The transactions routed through Binance using Tether‘s (CRYPTO: USDT) on the Tron (CRYPTO: TRX) blockchain.
After investigators surfaced the findings through internal reports, Binance fired at least five of them starting in late 2025.
At least three of the fired investigators came from law enforcement backgrounds in Europe and Asia. Several held leadership roles investigating sanctions evasion and counter-terror financing.
Beyond the investigator firings, at least four other top compliance staff have left or been pushed out over the past three months.
The exact reason for the firings could not be determined, though several former staffers announced departures on LinkedIn without specifying circumstances.
“That’s rather shocking that happened under a monitorship,” said Robert Appleton, a partner at Olshon Frome Wolosky who led sanctions and Iran cases at the DOJ.
The Compliance Rollback
In 2023, Binance pleaded guilty to violating anti-money laundering, know-your-customer laws, and sanctions violations.
The company paid $4.3 billion—one of the largest corporate fines in U.S. history.
Founder Changpeng Zhao pleaded guilty to failing to implement proper oversight and served four months in prison.
Binance pledged to enter a “regulatory maturity” phase under government-imposed monitorships.
The company promoted Richard Teng to CEO after CZ stepped down and announced plans to increase compliance staff by 34% to 645 by the end of 2024.
However, the firings suggest Binance is reneging on its promises. Chief Compliance Officer Noah Perlman, a former U.S. prosecutor hired in 2023, plans to transition out later this year, according to sources.
His departure is reportedly unrelated to the investigator firings.
The Trump Connection
The timing coincides with political developments benefiting Binance.
Trump pardoned Zhao in October after Zhao’s team hired Washington lobbyists and Binance helped World Liberty Financial (CRYPTO: WLFI), the Trump family’s crypto project, launch its stablecoin.
Trump also rolled back crypto oversight, creating a favorable environment for Binance’s compliance rollback.
What This Means
Binance operates under government monitorship after pleading guilty to sanctions violations.
Firing investigators who uncovered potential new violations suggests the exchange prioritizes business over compliance despite court oversight.
For crypto markets, this raises questions about whether regulatory settlements actually change behavior or simply provide public relations cover.
If Binance continues facilitating sanctioned transactions under monitorship, enforcement mechanisms appear toothless.
Binance said it “cannot comment on ongoing investigations” and is “committed to complying with all applicable sanctions laws,” adding employees who breach policy are subject to dismissal.
The irony is stark—firing compliance staff for finding compliance violations suggests the $1 billion Iran finding threatened business interests. If accurate, Binance faces potential new charges despite the 2023 settlement.
Image: Shutterstock
Recent Comments