Binance appears to have breached U.S. sanctions by enabling more than $1 billion in transactions connected to Iran between March 2024 and August 2025.

Members of Binance’s compliance team identified evidence of the transactions, which were processed through the platform using Tether (USDT) on the Tron blockchain, according to internal records and sources, The Caspian Post reports, citing Fortune.

According to the findings, the flows were routed via the exchange despite U.S. sanctions restricting financial activity tied to Iran. The transactions allegedly involved the use of the stablecoin USDT, which is commonly used for cross-border transfers due to its dollar peg, and were conducted on the Tron network.

The internal investigation reportedly uncovered documentation detailing the scale and timeframe of the activity, raising questions about the effectiveness of the exchange’s sanctions screening and compliance controls during the period in question.