Ex-Binance investigator accuses management of ignoring 2,000 Iran-linked accounts tied to $1.2 billion

A former senior Binance financial crime investigator told U.S. IRS agents that management ignored requests to probe about 2,000 suspected Iran-linked accounts that allegedly moved $1.2 billion through the exchange, Forbes reported on November 9, 2026. Binance denies obstructing sanctions work and says it dismissed the investigators over customer data privacy violations.

The dispute concerns both the handling of potentially suspicious transactions and the departure of employees involved in examining them. The former investigator’s account and Binance’s explanation offer conflicting interpretations of those events.

Iran-linked accounts were focus of Operation Loclock

The former employee described an internal inquiry called Operation Loclock, which examined accounts suspected of facilitating transactions involving Iran.

He alleged that management ignored repeated requests to investigate the activity. His account placed the number of suspected Iran-linked accounts at approximately 2,000 and the value moving through them at $1.2 billion.

Those figures describe the scope of the allegations presented to investigators. The supplied report does not establish that every account violated sanctions or that the entire transaction total represented unlawful activity.

It also does not detail the individual transactions, identify the account holders or explain how the internal team determined their suspected connections to Iran.

These unanswered questions matter to the distinction between an internal compliance concern and a proven sanctions violation. The former investigator’s allegations describe what he believed required further examination; they do not establish the outcome of the federal inquiry.

Binance disputes explanation for investigators’ departures

The former investigator and several colleagues were suspended after their work on the suspected Iran-linked accounts, according to the report. They subsequently left Binance.

The exchange, however, maintains that investigators were dismissed over customer data privacy violations. It rejects the allegation that management obstructed sanctions investigations.

The two accounts place different explanations at the centre of the employment dispute. The former investigator’s allegations connect the suspensions with the team’s investigative work, while Binance attributes its disciplinary action to the handling of customer information.

The supplied report does not include internal correspondence, disciplinary records or findings that resolve those competing explanations.

The chronology alone does not establish why the employees were suspended or dismissed. Whether their work on suspected Iran-linked accounts influenced management’s decisions remains part of the disputed account, rather than an established finding.

Federal inquiry examines Iran-linked accounts allegations

The Department of Justice and IRS have issued multiple subpoenas and search warrants involving Binance and former employees, according to the report.

Authorities have also ordered another former investigator to testify before a federal grand jury. These reported steps indicate that officials are seeking evidence from several sources, including people who previously worked inside the exchange.

The former senior investigator’s May interview forms one part of that wider inquiry. The source does not specify the full scope of the warrants, what material authorities obtained or what the other former employee has been asked to address.

Binance says it remains cooperative with law enforcement as scrutiny of the suspected Iran-linked accounts continues.

The investigative measures should also be distinguished from a charging decision. The report identifies no new criminal charges against Binance or the former employees in connection with this inquiry, and it provides no announced conclusion from prosecutors.

Earlier compliance case adds weight to renewed scrutiny

The allegations have revived attention to Binance’s previous compliance failures. In 2023, the exchange pleaded guilty and paid approximately $4 billion over compliance violations. Founder Changpeng Zhao later received a presidential pardon in 2025, according to the supplied account.

That history provides context for the interest in the suspected Iran-linked accounts, but it does not determine the merits of the latest allegations. The current inquiry concerns claims that must be assessed on their own evidence.

For now, the central questions remain unresolved: how Binance handled the internal warnings, what the transactions represented and why the investigators were disciplined.

The former employee says management failed to act on repeated requests. Binance disputes obstruction and gives a separate explanation for the dismissals.

Until investigators disclose further findings, the Iran-linked accounts allegations remain contested. The reported subpoenas, warrants and grand jury testimony establish continuing scrutiny, while the absence of new charges leaves the legal outcome open.