Fortune has reported that senior compliance investigators at Binance were allegedly fired after uncovering evidence suggesting over $1 billion in funds may have been transferred to individuals and entities with Iranian ties between March 2024 and August 2025. The report, based on internal communications and sources, alleges the transactions were routed through Tether (USDT) transfers via the Tron blockchain, potentially violating U.S. sanctions laws.
According to the report, after investigators presented their findings to senior management in internal reports, at least five people were dismissed starting in late 2025. At least three of those dismissed had served in security forces in Europe and Asia, with some heading units dealing with global financial investigations and sanctions violations. The report also states that at least four more senior compliance officers have left or been dismissed in the last three months.
This development comes after Binance's 2023 settlement with U.S. authorities, where the company pleaded guilty to anti-money laundering (AML), know-your-customer (KYC), and sanctions violations and agreed to pay a $4.3 billion fine. Founder Changpeng Zhao (CZ) pleaded guilty to failing to establish adequate oversight mechanisms, was sentenced to four months in prison, and stepped down as CEO. The company committed to a period of "regulatory maturity" under government-appointed overseers.
Robert Appleton, a lawyer who has worked on Iran and sanctions cases at the U.S. Department of Justice (DOJ), commented, "This is quite surprising for a company under government oversight." The report links the timing of the layoffs to political developments in the U.S., including former President Donald Trump's loosening of crypto regulations and his pardon of Zhao in October 2025. It also alleges Binance supported a stablecoin launch by World Liberty Financial, a crypto venture owned by the Trump family.
Noah Perlman, a former U.S. prosecutor brought in as Chief Compliance Officer (CCO) in 2023, is reportedly scheduled to leave his post this year, though a source claims this departure is unrelated to the investigator dismissals. A Binance spokesperson stated, "We cannot comment on ongoing investigations. Binance is committed to complying with applicable sanctions laws and regulations in all markets in which it operates."
