Binance has officially contested the allegations made by Fortune claiming that the cryptocurrency exchange processed over $1 billion in transactions related to Iran, potentially breaching international sanctions. In a detailed response issued on February 15, the company disclosed the findings of its internal review conducted after the claims surfaced two days earlier.
The exchange emphasized that no evidence was found to support the allegations of sanctions violations. This conclusion was bolstered by consultations with qualified legal advisors, and Binance characterized the Fortune report as containing significant inaccuracies that warrant correction.
Binance operates under the regulatory oversight of the Abu Dhabi Global Market, which serves as its primary regulator, and holds licenses in 21 additional jurisdictions. These regulatory frameworks necessitate ongoing compliance monitoring and reporting, which the company asserts it diligently maintains.
In addressing the claims, Binance”s Chief Executive Officer, Richard Teng, took to social media to clarify the situation. He stated, “The record must be clear. No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments.” Teng has requested that Fortune correct what he described as misleading reporting.
Since reaching a regulatory settlement in 2023, Binance has made substantial investments in its compliance infrastructure. These enhancements include expanding its compliance staffing, bolstering anti-money laundering measures, and improving transaction monitoring systems. The company asserts that its compliance program is among the most comprehensive in the digital asset sector, often exceeding global regulatory standards.
Furthermore, Binance highlighted its zero-tolerance policies regarding staff conduct violations and unauthorized access to data. The exchange raised questions about the sources and motivations behind the Fortune investigation, noting that the article relied heavily on anonymous sources while framing speculation as factual reporting.
Binance reiterated its commitment to accuracy, particularly when addressing allegations related to sanctions compliance. The company has expressed a willingness to provide further context to ensure accurate reporting and has affirmed its dedication to fulfilling its regulatory obligations across all jurisdictions.
As the cryptocurrency landscape continues to evolve, the importance of compliance and regulatory adherence remains paramount for exchanges like Binance. The ongoing scrutiny from media and authorities underscores the need for transparency and accountability within the digital asset space.
