Ex-Binance investigator: management ignored 2,000 Iran-linked accounts

A former senior financial crime investigator at Binance told the US Internal Revenue Service (IRS) that exchange management ignored calls to open an internal probe into roughly 2,000 accounts suspected of being used by people inside Iran, with about $1.2 billion in fund flows. Forbes reported the account on Nov. 9; the investigator's conversation with the IRS took place in May 2026.

Details

According to Forbes, as relayed by PANews and ChainCatcher, the inquiry was codenamed "Operation Loclock." The investigator was suspended along with colleagues after examining two accounts suspected of sending funds to Iran in violation of US sanctions, and later left the company. He has now been subpoenaed to testify before a federal grand jury in Washington, D.C.

Binance says it has not violated Iran sanctions. It argues the investigators were dismissed for breaching data privacy rules, that the account investigations were never closed, and that it will cooperate fully with law enforcement. No charges have been filed.

The broader story is not new: reports that Binance pushed out investigators who examined flows to Iran surfaced in February, when the exchange denied the claims. What is new is the investigator's own account to the IRS and the grand jury subpoena.

What it means for the market

For BNB holders and Binance users, the story adds to regulatory risk: Binance has already paid a major penalty under an earlier settlement with US authorities, and fresh sanctions allegations could draw renewed scrutiny. For now this is one person's account against the exchange's denial, with no confirmed charges. Live prices are on the Binance Coin page and in the daily brief.