Former Binance Investigator Claims Management Ignored Iran Account Inquiry

A former senior financial crime investigator at Binance stated during an inquiry by the U.S. Internal Revenue Service (IRS) in May this year that the management ignored calls for an internal investigation into approximately 2,000 accounts suspected of being used by individuals within Iran, involving around $1.2 billion in fund flows. This investigation was codenamed "Operation Loclock." The investigator was suspended along with several colleagues for investigating two accounts suspected of violating U.S. sanctions by transferring funds to Iran, and subsequently left the company. They have received a subpoena to testify before a federal grand jury in Washington, D.C. Binance responded that it has not violated Iran sanctions, and the relevant investigators were terminated for violating company data privacy policies. The investigation into the accounts has never been closed, and the company will fully cooperate with law enforcement. No charges have been filed in this investigation so far.