Binance Fired Investigators Who Found $1B Iran Transactions

Binance fired at least five compliance investigators who uncovered evidence of more than $1 billion in transactions linked to Iran flowing through the exchange, according to internal documents and sources familiar with the matter.

The findings surfaced between March 2024 and August 2025. The transactions allegedly used the stablecoin Tether on the Tron blockchain. Multiple investigators who reported these potential sanctions violations were terminated starting in late 2025.

Binance just fired its internal investigations team after finding over $1 BILLION in USDT flowing to Iran-linked wallets.

The investigators flagged potential sanctions violations. Binance flagged them for termination.

This is the same exchange that paid $4.3B in fines for… pic.twitter.com/hfIYoZ68UM

— Learning Crypto (@learningcrypto) February 16, 2026

At least three of the fired investigators came from law enforcement backgrounds in Europe and Asia. Several held leadership roles overseeing special and global financial investigations, including sanctions evasion and counter-terror financing cases.

The dismissals occurred while Binance remains under government-imposed monitorship. The company agreed to this oversight as part of its $4.3 billion settlement with U.S. authorities in November 2023.

Binance’s History of Sanctions Violations

In 2023, Binance pleaded guilty to violating anti-money-laundering laws, know-your-customer requirements, and sanctions regulations. The settlement ranked among the largest corporate fines in U.S. history.

Founder Changpeng Zhao also pleaded guilty to failing to implement proper oversight. He received a four-month prison sentence and agreed to step down as CEO. The company pledged to enter a new phase of regulatory maturity.

Following this article’s publication, Binance stated no investigators were fired for reporting potential sanctions violations. The company said internal review found no evidence it violated applicable sanctions laws.

“As a matter of policy, we cannot comment on ongoing investigations,” a Binance spokesperson said. The company added it remains committed to complying with all applicable sanctions laws.

Robert Appleton, a partner at Olshan Frome Wolosky who led sanctions cases at the DOJ, expressed concern. “That’s rather shocking that that happened under a monitorship with internal investigators,” he told Fortune.

Political Connections and Leadership Exodus

The timing of the firings coincides with several U.S. political developments favorable to Binance. President Donald Trump rolled back crypto oversight and pardoned Zhao in October for his 2023 guilty plea.

President Trump has pardoned Binance co-founder Changpeng Zhao, who pleaded guilty to a money laundering charge in 2023. https://t.co/TfDqSBtBcM

— CNN (@CNN) October 23, 2025

The pardon came after Zhao’s team hired Washington lobbyists. Binance also helped the Trump family’s crypto project, World Liberty Financial, launch its own stablecoin prior to the pardon.

Beyond the investigator firings, at least four top compliance staff have departed or been pushed out over the past three months. This exodus includes planned changes at the highest levels of the compliance department.

Noah Perlman, chief compliance officer and former U.S. prosecutor, joined Binance as a high-profile hire in 2023. The company is now seeking his replacement. A source said Perlman plans to transition out later this year.

His departure plans are not connected to the investigator firings, according to the source. Perlman remains with the company during the transition period.

Several fired staffers publicly announced leaving Binance on LinkedIn without specifying circumstances. Each declined to comment when contacted. Sources spoke anonymously due to fear of legal repercussions.

The original 2023 federal complaint detailed wide-ranging allegations against Binance. These included pursuing U.S. customers while ignoring compliance requirements and servicing customers in sanctioned countries like Iran.

“In part because of the crimes it committed, Binance became the largest cryptocurrency exchange in the world,” Attorney General Merrick Garland said during the 2023 settlement announcement.

Richard Teng replaced Zhao as CEO following the settlement. He previously served as global head of regional markets. The company stated its core expertise and teams driving compliance efforts remain in place.