TLDR
- CZ called the report self-contradicting in response on X.
- Fortune said investigators flagged $1B in Iran-linked USDT transfers.
- Binance operates under a $4.3B US settlement from 2023.
- Elliptic reported $500M in USDT linked to Iran’s central bank.
Changpeng Zhao has rejected claims that Binance dismissed internal investigators after they flagged Iran-linked transactions. The former chief executive described the report as “self-contradicting” and questioned its claims.
🚨BREAKING: According to Fortune, @binance fired multiple internal investigators after they uncovered evidence that Iran-linked entities moved over $1B through the exchange between March 2024 and August 2025, potentially violating U.S. sanctions laws. pic.twitter.com/USZM7jVMDW
— SolanaFloor (@SolanaFloor) February 13, 2026
The response follows a Fortune article that alleged members of Binance’s investigations unit were let go after raising concerns. The report said the transactions involved more than $1 billion in activity tied to Iranian-linked counterparties.
CZ responds to Fortune report
Zhao responded to the claims on X on Friday. He said he was not familiar with the details but argued that the account did not add up.
“If the allegations were accurate, one could also argue those investigators failed to prevent suspicious activity,” Zhao wrote. He added that negative narratives can be built around anonymous sources.
“You can put a negative narrative on anything by talking to an ‘anonymous source’ who is ‘unhappy’ or paid to FUD,” Zhao stated. He did not confirm whether any staff had been dismissed.
Binance has not issued a separate public statement addressing the specific allegations. The exchange continues to operate under compliance reforms agreed with U.S. authorities.
Details of the alleged Iran-linked activity
Fortune reported that at least five investigators were dismissed starting in late 2025. The individuals reportedly had law enforcement backgrounds and worked on sanctions evasion and counter-terror financing cases.
The article claimed the team flagged transactions totaling over $1 billion across about 18 months. Most of the transfers involved Tether’s USDT stablecoin on the Tron blockchain.
According to the report, the transactions involved Iranian-linked counterparties. The article did not state that Binance was accused of new violations by regulators.
The claims come as blockchain analytics firms report rising stablecoin use by Iranian entities. In January, Elliptic said wallets linked to Iran’s central bank accumulated over $500 million in USDT.
Elliptic stated the funds were likely used to support Iran’s currency and facilitate trade outside traditional banking channels. Stablecoins have been cited as tools to move value across borders quickly.
Binance compliance reforms and leadership changes
Binance is operating under reforms agreed in its 2023 settlement with U.S. authorities. The exchange pleaded guilty to anti-money laundering and sanctions violations.
The settlement required Binance to pay $4.3 billion in penalties. Zhao stepped down as chief executive as part of the agreement and later served a four-month prison sentence.
Richard Teng assumed leadership of the exchange following the settlement. Binance also agreed to compliance monitoring and enhanced oversight measures.
Fortune reported that several senior compliance officials have left in recent months. The exchange is searching for a successor to Chief Compliance Officer Noah Perlman, who is expected to depart later this year.
The report did not confirm whether the departures were directly linked to the Iran-related findings. Binance has not publicly connected the staff exits to the alleged investigation.
Zhao’s response places the focus on what he described as inconsistencies in the report. The exchange continues to use third-party anti-money laundering screening tools, according to Zhao.
The situation comes as regulators maintain scrutiny of global crypto exchanges. Binance remains under monitoring as part of its U.S. settlement terms.
