A former senior Binance financial crime investigator told the IRS in May that company management disregarded calls to investigate approximately 2,000 accounts suspected of being operated by individuals in Iran and linked to roughly $1.2 billion in fund flows. The inquiry, code-named Operation Loclock, followed the investigator’s work on two accounts suspected of violating U.S. sanctions by transferring funds to Iran. The investigator and several colleagues were suspended, and he later left Binance; he has since received a subpoena to testify before a federal grand jury in Washington, D.C. Binance says it did not violate Iran sanctions, that the investigator was terminated for breaching the company’s data privacy policies, and that the account investigation was never closed. The company said it will fully cooperate with law enforcement. No charges have been filed in connection with the matter.