A explosive Fortune report published on February 13, 2026, alleges that Binance, the world’s largest cryptocurrency exchange, facilitated more than $1 billion in transactions linked to Iran between March 2024 and August 2025—potentially violating U.S. sanctions.
According to the exclusive investigation, internal compliance investigators at Binance uncovered evidence of these flows, primarily involving Tether (USDT) stablecoins routed through the Tron blockchain. Sources speaking anonymously to Fortune, citing fear of repercussions, claimed the transactions involved Iran-linked entities evading restrictions.
The report states that at least five senior investigators were fired starting in late 2025 after raising these findings internally. Additional compliance staff reportedly departed amid the fallout.
This comes less than three years after Binance’s landmark 2023 settlement with U.S. authorities. The exchange pleaded guilty to anti-money laundering and sanctions violations—including prior Iran-related activity—paying a record $4.3 billion fine. Founder Changpeng Zhao (CZ) served four months in prison and stepped down as CEO, with Binance placed under ongoing government monitorship to improve compliance.
Binance responded to the allegations with a statement reaffirming its “strong commitment to sanctions compliance” and cooperation with law enforcement. The company declined to comment on personnel matters or potential investigations.
CZ, no longer CEO but still influential, publicly dismissed the Fortune report as “self-contradicting.” He argued on social media and in interviews that if the claims were accurate, the investigators could alternatively be faulted for failing to prevent the activity earlier. CZ emphasized Binance’s use of leading third-party AML tools to screen all transactions.
As of February 14, 2026, no new regulatory actions or charges have been announced in response to the report. The allegations remain based on anonymous sources and reviewed internal documents, without independent verification from authorities.
The case highlights persistent challenges in cryptocurrency sanctions enforcement. Stablecoins like USDT on networks such as Tron have been criticized for enabling illicit flows due to their speed and relative anonymity. Regulators have increasingly scrutinized such pathways, especially for sanctioned jurisdictions like Iran.
Industry observers note that Binance has invested heavily in compliance since 2023, hiring thousands of staff and implementing advanced monitoring. However, the fresh claims could renew scrutiny on whether those reforms are sufficient.
The crypto community has reacted with mixed views: some see it as FUD (fear, uncertainty, doubt) targeting the dominant exchange, while others call for greater transparency. Tether and Tron were not directly implicated in the report but have faced similar past criticism over illicit use of their infrastructure.
Ultimately, these are serious but unproven allegations. Stakeholders await any official response from U.S. regulators like OFAC or the DOJ.