Former Binance investigator tells IRS that management ignored internal probe into Iran-linked accounts

An unsealed search warrant revealed that, according to Forbes, a former senior financial crime investigator at Binance disclosed during an IRS interview in May that company management had ignored internal recommendations to launch “Operation Loclock”—a proposed investigation into approximately 2,000 accounts suspected of being controlled by individuals inside Iran and linked to roughly $1.2 billion in transaction volume. The investigator was among several colleagues suspended—and later departed—after participating in probes into two accounts allegedly involved in violating U.S. sanctions against Iran and facilitating fund transfers to the country. He has since received a federal grand jury subpoena from Washington, D.C., requiring his testimony. In response, Binance stated it has not violated any Iran-related sanctions; the investigator was terminated in accordance with company policy for breaching its data privacy rules; the investigation into those accounts remains ongoing and has not been discontinued; and the firm reaffirmed its full cooperation with law enforcement. To date, no formal charges have resulted from this probe.