Binance CEO Richard Teng has publicly refuted a recent Fortune magazine report that accused the cryptocurrency exchange of sanctions-related misconduct and the dismissal of compliance investigators. The article, published on February 13, 2026, claimed that Binance investigators had flagged more than $1 billion in Tether (USDT) transactions linked to Iran between March 2024 and August 2025, and that at least five compliance staff were fired after raising these concerns.
In a series of social media posts and a formal letter dated February 15, Teng labeled the claims as "false and misleading." He stated that an internal review, conducted with legal counsel, found no evidence of sanctions violations related to the alleged transactions. "No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments," Teng wrote on X (formerly Twitter). The exchange has formally requested Fortune to correct the story.
The allegations come while Binance remains under heightened regulatory scrutiny following its major $4.3 billion settlement with U.S. authorities in 2023. The report, which cited anonymous sources and internal documents, suggested the compliance team faced internal pressure. Binance founder Changpeng "CZ" Zhao also dismissed the report as "fake news," arguing that large exchanges employ sophisticated transaction monitoring tools.
The controversy has reignited debates about sanctions enforcement in the crypto sector, particularly concerning the movement of stablecoins like USDT on public blockchains. While the story has not triggered significant market volatility, it underscores the persistent compliance challenges facing major crypto exchanges. As of now, Fortune has not issued a correction or update in response to Binance's request.
