Binance is dealing with new scrutiny after the cryptocurrency trade reportedly fired an inside investigator who raised considerations about transactions associated to a sanctioned Iranian firm, in keeping with a report within the Wall Road Journal. The investigation concerned greater than $1 billion in transactions and was shut down shortly after the presidential pardon for Binance founder Chao Changpeng, in keeping with the report. In response, Binance CEO Richard Teng strongly denied the accusations, saying:It’s false and defamatory. ”
🚨Binance refutes WSJ's allegations
Binance CEO Richard Teng referred to as the report “false and defamatory” and denied claims that the corporate fired the investigator over considerations about funds linked to sanctioned Iranian entities. pic.twitter.com/w2m0TJ7KkD
— Coin Bureau (@coinbureau) February 27, 2026
Binance denies WSJ allegations
Richard Teng vehemently refuted that declare. He mentioned Binance didn’t hearth any workers for reporting suspicious exercise and maintained that the corporate follows strict compliance requirements. Moreover, Binance threatened authorized motion and demanded the paper be retracted.
Former workers mentioned inside investigators had recognized transactions linked to entities related to sanctioned areas, together with Iran, the WSJ reported. The article claims that Binance later dismantled the inner investigation. Nonetheless, Teng denied such a narrative and mentioned the trade would proceed to attempt to adjust to rules.
Senate inquiry raises compliance questions
The controversy has now reached U.S. lawmakers. US senators have reportedly launched an investigation into Binance's dealing with of potential sanctions-related dangers involving Iran and Russia. Lawmakers are in search of readability on exchanges' inside controls and threat administration processes.
The investigation provides to ongoing stress on the platform, which stays one of many world's largest cryptocurrency exchanges. Regulators are more and more centered on how main platforms monitor transactions and implement sanctions compliance.
Binance’s influence on the cryptocurrency market
The dispute highlights broader considerations about transparency and oversight within the crypto trade. As a result of Binance dominates world buying and selling quantity, questions on its inside controls have affected all the market.
On the identical time, proponents argue that enormous exchanges typically come below intense scrutiny due to their dimension and affect. However critics argue that robust compliance programs are important if crypto corporations need mainstream acceptance.
Because the state of affairs unfolds, the important thing query is whether or not Binance can reassure regulators and buyers. The outcomes of the Senate investigation and a possible authorized battle with the Journal might influence how regulators view crypto compliance within the coming years.
