Oh, Binance. The cryptocurrency darling that’s somehow always in the news, though rarely for winning a spelling bee or adopting a shelter dog. This time, Fortune has dropped a bombshell that makes you wonder if their compliance team moonlights as a circus act-juggling sanctions, firing whistleblowers, and possibly funding Iranian tea parties with a cool $1 billion in Tether. Yes, you read that right. Tether. Because nothing says “financial responsibility” like a stablecoin on the Tron blockchain.
Sanctions? More Like Suggestions
According to Fortune’s deep dive into Binance’s internal documents (which I assume were hidden behind a velvet rope in a folder labeled “Oops”), members of the compliance team noticed something peculiar: entities linked to Iran were throwing a $1 billion party between March 2024 and August 2025. And no, they weren’t just buying Persian rugs. These transactions, conducted via the Tron blockchain, could be a spicy violation of U.S. sanctions laws. But hey, who’s counting? Not Binance, apparently.
The investigators, bless their diligent hearts, documented everything and submitted reports. Their reward? Pink slips. At least five compliance team members were shown the door in late 2025, including folks with more law enforcement experience than a season of Law & Order. Three of them were senior officials, overseeing investigations that probably made CSI look like a kindergarten art project. And let’s not forget the four other compliance bigwigs who either quit or were forced out in the past three months. Anonymous sources? Check. Legal repercussions? Double check.
Robert Appleton, a DOJ alum who’s seen his fair share of sanctions drama, called the situation “shocking.” Shocking? Try shocking with a side of absurd. This all happened under a government monitorship, which is like having a chaperone at a party and still ending up in the principal’s office.
CZ’s Greatest Hits: The “Not My Circus” Tour
Enter Changpeng Zhao (CZ), Binance’s former CEO, who’s now playing the role of “I’m Not Involved, But Let Me Explain Anyway.” In 2023, Binance pleaded guilty to AML and KYC violations, CZ stepped down, and the company promised a new era of “regulatory maturity.” Spoiler alert: it’s going about as well as a vegan at a steakhouse.
CZ has dismissed the latest allegations, claiming he’s not in the loop. “Inconsistent narrative,” he says. Sure, Jan. He also floated the idea that the investigators were fired for not stopping the transactions. Because logic. And let’s not forget his trust in third-party AML tools, which he insists screened every transaction during his tenure. Anonymous sources? “Unhappy employees with agendas,” he says. Classic.
Meanwhile, the rest of us are left wondering: Is Binance a cryptocurrency exchange or a reality TV show? Either way, I’m here for the drama.
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2026-02-14 08:51