- As per the reports, Binance also utilised the opportunity to double down on its compliance efforts, mentioning that around 25% of its headcount over the globe is committed to compliance.
- Between January 2024 and January 2026, Binance suppressed direct exposure to the 4 top exchanges of Iran by over 97%, from $4.19 million to $110,000.
Binance, a prominent crypto exchange, has mentioned that it has prominently suppressed exposure to sanctioned bodies and high-risk jurisdictions, comprising exposure to Iran since January 2024.
On February 23, Binance posted a blog titled “Setting the record straight” that mentioned its sanctions-associated exposure as a percentage of the overall exchange volume has slipped by around 97% in that time and now hovers at about 0.009%.
The post is followed by a Feb 13 Fortune report quoting anonymous sources claiming that Binance laid off around five investigators who had supposedly unveiled evidence of Iranian sanctions violations.
The Denial Of The Claims
Binance did not accept the claims on Feb 15, mentioning that the report was “categorically false.” The firm also mentioned that no investigator was fired for raising compliance concerns or for reporting potential sanctions issues.
In the latest post, the exchange said that instead, some compliance employees left after an internal review found violations of the firm’s data-protection and confidentiality guidelines. At the same time, Binance added that, in the duration of two years, between January 2024 and January 2026, it suppressed direct exposure to the 4 top exchanges of Iran by over 97%, from $4.19 million to $110,000.
It further mentions that the latest reporting on the sanctions compliance of Binance depends on partial and misconstructed accounts that do not show all of the facts and the complete investigative record.
As per the reports, Binance also utilised the opportunity to double down on its compliance efforts, mentioning that around 25% of its headcount over the globe is committed to compliance functions and it has invested hundreds of millions of US dollars in its compliance programmes.
Binance has so far come under the limelight in 2022 after a similar report from Reuters claiming that Iranian users carried on trading on the exchange after the firm blacklisted the country.
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