Binance has formally rejected claims of Iranian exposure made in a US Senate inquiry, calling the allegations false and defamatory. The cryptocurrency exchange issued a detailed rebuttal to Senator Richard Blumenthal, addressing concerns raised about its sanctions compliance program.
Binance asserts it maintains strict Know Your Customer protocols and prohibits Iranian users. While acknowledging indirect exposure for two flagged entities, Hexa Whale and Blessed Trust, the company stressed no direct transactions with Iran-based parties occurred. Binance detailed its investigative timelines for both entities, leading to their removal from the platform following law enforcement inquiries in 2025.
The exchange highlighted significant investments in compliance, spending hundreds of millions of dollars and employing over 1,500 professionals globally. Binance reported processing over 71,000 law enforcement requests in 2025 and assisting in seizing over $752 million in assets. Exposure to wallets allegedly involved in illicit activity fell significantly, and exposure to major Iranian crypto exchanges dropped by 97% over two years.
Binance also contested a specific media claim regarding 2,000 accounts associated with Iranian entities, calling it false. The company stated identity verification is mandatory and VPN use to bypass requirements violates terms of service. Regarding personnel, Binance confirmed some departures but denied firings were due to escalating compliance concerns, attributing one termination to a violation of user privacy policies.