Binance has issued a firm denial of a report alleging it processed over $1 billion in transactions linked to Iranian entities, an accusation that coincides with a 35% spike in trading volume for its native token, Binance Coin (BNB). The controversy stems from a February 13 report by Fortune magazine, which claimed Binance's internal compliance team identified the transactions involving Tether (USDT) on the Tron blockchain between March 2024 and August 2025. The report further alleged that investigators who raised concerns over potential sanctions breaches were dismissed.
In a strong rebuttal, Binance co-CEO Richard Teng labeled the Fortune report as "grossly inaccurate" and misleading. The exchange stated that a comprehensive internal review, conducted with external legal counsel, found no evidence of sanctions violations. Binance also denied that any personnel were let go due to sanctions concerns, reaffirming its commitment to compliance and whistleblower protections. This denial is particularly sensitive given Binance's recent $4.3 billion settlement with U.S. authorities over anti-money laundering and sanctions violations, which required the company to enhance its compliance systems.
The allegations have drawn attention to the broader use of stablecoins like USDT in potential sanctions evasion, with blockchain analytics firms noting increased activity by Iranian-linked entities. Meanwhile, BNB's market activity shows unusual signals. Despite the allegations and a recent price decline, BNB's 24-hour trading volume surged approximately 35%. However, the price action remained compressed, trading around the $610-$620 region with key moving averages acting as resistance.
Market analysis suggests the volume spike is not driven by panic liquidations but may indicate repositioning by traders. Metrics show a divergence where smaller accounts are leaning long while larger players exhibit caution, and spot flow data points to high-frequency trading rather than sustained directional capital inflow. Technically, BNB shows signs of consolidation with Parabolic SAR hinting at a potential bullish trend and the Stochastic Oscillator indicating oversold conditions, though the overall market trend remains weak.
