Binance denies firing investigators over Iran-related transactions, requests Fortune correction
Binance co-CEO Richard Teng has asked Fortune to correct a report that claimed Binance fired investigators after they discovered over $1 billion in Iran-linked transactions. Teng said the company found no sanctions breaches and that no investigators were dismissed for raising concerns. The Fortune article alleged that at least five investigators were fired from a Binance team after detecting Iran-associated flows, mainly on the TRON chain using USDT, and that several senior compliance officers had left, with the head of compliance Noah Perlman expected to depart later this year. Binance founder CZ (Changpeng Zhao) also disputed the report as contradictory. Binance reiterated its commitment to regulatory compliance. Key terms: Binance, Iran-related transactions, Fortune correction request, sanctions, USDT, TRON, compliance staff departures.
Neutral
The news is primarily reputational and procedural rather than revealing confirmed regulatory breaches or systemic failures. Binance’s leadership publicly disputing Fortune’s report and requesting a correction reduces immediate regulatory panic. Traders may see short-term volatility in risk-on assets tied to Binance sentiment (e.g., BNB, stablecoin flows) if the story resurfaces or if independent confirmations emerge, but absent evidence of sanctions violations or enforcement actions, the fundamental market impact is limited. Historically, unverified negative reports about major exchanges can cause temporary price dips and increased withdrawal activity (e.g., past rumors affecting exchange trust), but clear denials and corrective actions often stabilize markets. Longer-term impact depends on whether regulators open formal probes or if credible evidence of sanctions circumvention appears; if so, the effect would turn bearish due to compliance risk and potential penalties. For now, expect short-lived sentiment-driven moves rather than sustained market shifts.