Connect with us

Crypto World

Binance Battles Explosive Iran Claims in $1 Billion Allegation

Published

on

Binance Battles Explosive Iran Claims in $1 Billion Allegation

Binance is forcefully rejecting allegations that its internal investigators uncovered more than $1 billion in Iran-linked transactions and were subsequently dismissed.

The pushback escalates tensions between the world’s largest crypto exchange and sections of the financial press.

Sponsored

Sponsored

Advertisement

Binance Rejects Allegations and Defends Compliance Record

The controversy stems from a February 13 investigative report by Fortune, which alleged that compliance investigators identified over $1 billion in transactions tied to Iranian entities between March 2024 and August 2025.

The transfers reportedly involved Tether (USDT) on the Tron blockchain, an ecosystem frequently scrutinized by regulators for sanctions-related activity.

According to the report, at least five members of Binance’s compliance investigations team were dismissed after raising concerns internally.

Several of the affected staff were described as senior investigators with law enforcement backgrounds. Additional compliance personnel were also said to have departed in recent months, though the precise reasons for their exits were not publicly confirmed.

Advertisement

Binance Says “The Record Must Be Clear”

In a public statement, Binance Co-CEO Richard Teng directly refuted the allegations.

“The record must be clear. No sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments. We’ve asked for corrections to recent reporting,” Teng wrote.

Sponsored

Sponsored

In a formal letter addressed to Fortune, Binance Communications stated that the article contained “gross material inaccuracies and misleading implications.” The company articulated that:

Advertisement
  • No personnel were terminated for reporting sanctions concerns.
  • No personnel decisions or terminations are related to the reporting of alleged sanctions violations.

Binance further asserted that a full internal review, conducted alongside external legal counsel, found no evidence of sanctions breaches related to the referenced activity.

The letter emphasized that the exchange operates under whistleblower protections and strict employment laws across multiple jurisdictions.

Binance also pushed back against suggestions it had reneged on regulatory commitments stemming from its 2023 settlement with US authorities.

Sponsored

Sponsored

Advertisement

The exchange has committed to fully cooperate with monitorship requirements. Reportedly, they have also “significantly strengthened” their sanctions screening, monitoring, and compliance infrastructure since the resolution.

Heightened Sensitivity Post-Settlement

The allegations are particularly sensitive given Binance’s 2023 $4.3 billion settlement over anti-money laundering and sanctions violations. Since then, the exchange has operated under enhanced compliance obligations and increased regulatory scrutiny.

However,beyond the dispute itself, the incident highlights broader concerns about stablecoins and sanctions evasion.

Advertisement

Sponsored

Sponsored

Blockchain analytics firms, including TRM Labs, Chainalysis, and Elliptic, have previously reported growing use of USDT by Iranian-linked actors to move funds outside traditional banking channels.

US authorities, including the Office of Foreign Assets Control (OFAC), have sanctioned other exchanges over similar Iran-linked activity involving USDT on Tron.

Advertisement

The standoff remains a battle of narratives, with anonymous-source allegations meeting categorical corporate denials.

Advertisement

With no new enforcement action announced, the question shifts from whether violations occurred to how transparency, compliance, and investigative reporting intersect in an industry still fighting to rebuild trust.

Source link

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Why Coinbase Users Haven’t Got Super Bowl Payouts

Published

on

Why Coinbase Users Haven’t Got Super Bowl Payouts

Coinbase is facing mounting criticism from users after many participants in its Super Bowl “Big Game Challenge” prediction market contest reported delayed or missing payouts, even after qualifying for shares of the advertised Bitcoin prize pool.

Community complaints and technical issues highlight the growing pains of prediction markets as they surge in popularity while confronting regulatory, operational, and infrastructure challenges.

Sponsored

Sponsored

Advertisement

Coinbase Payout Issues Highlight Prediction Markets’ Growing Pains

On Reddit and other forums, users described confusing and frustrating experiences with the payout process. Reportedly, some users correctly predicted outcomes in the Big Game but “still haven’t been paid.

Others reported winnings showing briefly in their account balances before disappearing without explanation, or payouts reflected in USD without transferability or access.

Amidst these frustrations, some are calling the situation a “rug pull,” claiming Coinbase’s app initially confirmed a win after five correct picks, the threshold for eligibility, only for a later email to declare they had not won.

“According to the Coinbase app, I had won the Big Game Predictions with 5 correct predictions with $5 bet on each prediction. It told await my payout. However, I just received an email from Coinbase stating that I did not win. Does anyone else feel like this was a rug pull or a scam in some way? They said.

However, support responses seen in some threads indicate that rewards are being held until all prediction markets and mail‑in entries are settled, in line with the contest’s official rules.

Advertisement

Coinbase has previously said winners will receive Bitcoin rewards directly into their accounts by February 23, 2026.

Sponsored

Sponsored

However, the lack of transparency and account migrations has frustrated users trying to confirm settlement status.

Advertisement

“We completely understand how important this is to you. Verified winners will receive their prize directly into their Coinbase account. The prize amount will be a share of $1,000,000 in Bitcoin, divided equally among all winners. Prizes are expected to be fulfilled no later than February 23, 2026,” Coinbase explained.

Infrastructure Strains, Regulatory Hurdles, and the Rising Stakes for Crypto Prediction Markets

The timing of these complaints coincides with broader strains in crypto-linked prediction markets. Partner platform Kalshi, which provides the backend for Coinbase’s event contracts, suffered deposit and transaction delays during the Super Bowl due to overwhelming traffic.

“Kalshi does all this ad investment just for their app, not to let you deposit on Super Bowl Day, sounds about right,” one user lamented.

Sponsored

Sponsored

Kalshi co-founder Luana Lopes Lara acknowledged slowdowns but assured users that funds were “safe and on the way.

Advertisement

These operational stretches highlight how infrastructure designed for everyday trading may struggle with spikes tied to major events.

Similar technical pressure was observed across the industry on prediction markets during the championship. This suggests systemic scalability challenges for platforms offering event contracts under high demand.

The Coinbase backlash arrives amid a broader regulatory and legal battleground. State gaming regulators, such as the Nevada Gaming Control Board, have sued Coinbase to block its prediction markets. They argue that they constitute unlicensed sports wagering.

Advertisement

These legal actions fuel uncertainty around the regulatory status of event contracts, complicating rollout and user experiences.

Sponsored

Sponsored

Meanwhile, critics from within the crypto community note that prediction markets must mature beyond short-term speculative betting.

Advertisement

Voices like Ethereum co-founder Vitalik Buterin have warned that over-reliance on speculative contracts may create products lacking deeper utility, urging a focus on hedging and risk‑management applications.

The current Coinbase backlash highlights the operational and communication gaps that can accompany rapid product expansion.

Advertisement

Source link

Continue Reading

Crypto World

OKX Secures Malta License To Expand EU Stablecoin Payments

Published

on

Europe, Payments, Malta, Stablecoin, MiCA, OKX

OKX secured a Malta payment institution license to support EU-compliant stablecoin services, including OKX Pay and the OKX Card.

Cryptocurrency exchange OKX expanded its regulatory footprint in Europe, securing a license for stablecoin payments.

OKX has obtained a Payment Institution (PI) license in Malta, the company told Cointelegraph on Monday. The authorization is issued under the European Union’s payments framework and is designed to bring OKX’s payment products into line with requirements under the bloc’s Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2).

Advertisement

Under these rules, crypto-asset service providers (CASPs) offering payment services involving stablecoins must hold either a PI or Electronic Money Institution (EMI) authorization. OKX’s PI license comes more than a year after the exchange received a MiCA license from the Malta Financial Services Authority (MFSA) in January 2025.

“Securing a Payment Institution license ensures that these products operate on a fully compliant footing,” OKX Europe CEO Erald Ghoos said, adding:

“Europe has chosen clarity over ambiguity when it comes to digital asset regulation […] Stablecoins can meaningfully modernize money, improving cross-border efficiency and reducing friction in payments, but only if built within strong regulatory guardrails.”

License supports OKX Pay and OKX Card rollout

The exchange said the license will cover products including OKX Pay and the OKX Card, which allow users to spend crypto assets and stablecoins.

Officially launched in late January, OKX Card supports spending in stablecoins such as Circle’s USDC (USDC) and the Paxos-issued Global Dollar (USDG).

Advertisement
Europe, Payments, Malta, Stablecoin, MiCA, OKX
Source: OKX

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026