Cryptocurrency exchange Binance said it has “significantly reduced” its exposure to sanctioned entities and high-risk jurisdictions, including exposure to Iran from January 2024 onwards.
Binance said in a blog post titled “Set the Record Straight” on Monday that sanctions-related exposure as a percentage of total trading volume has decreased by approximately 97% over this period and now stands at approximately 0.009%.
The amount of foreign exchange to sanctions-related entities decreased. sauce: Binance
The post follows a February 13 Fortune report that cited anonymous sources claiming that Binance had fired at least five investigators who allegedly uncovered evidence of Iranian sanctions violations.
Binance denied the allegations on February 15, calling the report “categorically false.” “No investigators were terminated for raising compliance concerns or reporting potential sanctions issues,” the company said at the time.
Binance instead said in a recent post that some compliance employees have left after an internal investigation found “company violations.”Related: Crypto exchange networks help Russia avoid sanctions: Ellipse
Meanwhile, Binance added that from January 2024 to January 2026, it reduced its direct exposure to Iran’s top four exchanges by more than 97% from $4.19 million to $110,000.
“Recent reporting regarding Binance’s sanctions compliance relies on incomplete and mischaracterized accounts that do not reflect all the facts and a complete investigation record.”
The cryptocurrency exchange also used this opportunity to redouble its compliance efforts, adding that approximately 25% of its global workforce is “dedicated to the compliance function” and that it has invested “hundreds of millions of dollars” into its compliance program.
Binance previously drew attention in 2022 following a similar report by Reuters that Iranian users continued trading on the exchange after the company blacklisted the country.
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