Binance is strongly denying claims that its own investigators found more than $1 billion in transactions linked to Iran. These reports, which first appeared in Fortune, suggested that the trades involved the stablecoin USDT on the Tron blockchain. The reports also hinted that some employees were fired after they spoke up about these concerns.
Richard Teng, the CEO of Binance, has formally denied these claims, nonetheless. “The company found no evidence that any sanctions were broken,” he said, adding that no employees were fired for reporting issues. An internal investigation, backed by outside legal counsel, revealed no evidence of misconduct, Binance continued.
The fact that Binance paid a $4.3 billion fine to U.S. officials in 2023 for breaking financial regulations makes this position very delicate. The business has been closely monitored ever since.
The usage of digital currency in high-risk situations and their potential to be exploited to circumvent international regulations are recurring concerns that are highlighted by this most recent war.
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