US-based Fortune newspaper has highlighted a noteworthy development at Binance, one of the world’s largest cryptocurrency exchanges.
According to the report, the company fired senior compliance inspectors who allegedly uncovered findings related to Iran-linked sanctions violations.
In 2023, as part of an agreement with US authorities, Binance pleaded guilty to anti-money laundering (AML), know-your-customer (KYC), and sanctions violations and agreed to pay a $4.3 billion fine. The company’s founder, Changpeng Zhao (CZ), pleaded guilty to failing to establish adequate oversight mechanisms and was subsequently sentenced to four months in prison.
Under the agreement, Zhao stepped down as CEO, and the company committed to entering a period of “regulatory maturity” under the supervision of independent, government-appointed overseers.
According to Fortune’s report, based on internal communications and sources it reviewed, some compliance investigators at the company found evidence suggesting that over $1 billion in funds may have been transferred to individuals and entities with Iranian ties between March 2024 and August 2025.
It has been alleged that these transactions were routed through Tether (USDT) transfers via the Tron blockchain. This could constitute a potential violation of US sanctions laws.
According to allegations, 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. Some headed units dealing with global financial investigations and sanctions violations.
The report also stated that at least four more senior compliance officers have left or been dismissed from the company in the last three months. While the reasons for the dismissals are unclear, it was reported that some former employees announced their departures on LinkedIn but did not share details.
Robert Appleton, a lawyer who has worked on Iran and sanctions cases at the U.S. Department of Justice (DOJ), commented on the developments, saying, “This is quite surprising for a company under government oversight.”
The timing of the layoffs also coincides with some political developments in the US. According to the report, US President Donald Trump’s loosening of regulations on crypto assets and his granting of a pardon to Zhao in October for his 2023 plea bargain created a favorable environment for the company.
It was also alleged that Binance supported the stablecoin launch process of World Liberty Financial, a crypto venture owned by the Trump family, and that Zhao lobbied in Washington.
Former U.S. prosecutor Noah Perlman, whom the company brought into the role in 2023 through a transfer, is still serving as the Chief Compliance Officer (CCO). However, according to a source who spoke to Fortune on condition of anonymity, Perlman is scheduled to leave his post this year. This departure is reportedly unrelated to the dismissal of investigators.
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.”
*This is not investment advice.
