A former senior financial crime investigator at Binance told the IRS in May that company management ignored internal calls to investigate approximately 2,000 accounts suspected of being operated by individuals in Iran involving roughly $1.2 billion in fund flows, according to a previously undisclosed search warrant reported by Forbes. The investigation, codenamed "Operation Loclock," was reportedly shelved despite warnings from compliance staff. The investigator had been suspended alongside colleagues for probing two accounts suspected of violating U.S. sanctions by transferring funds to Iran before ultimately leaving the company. He has since received a subpoena to testify before a federal grand jury in Washington, D.C. No charges have been filed in connection with the matter. Binance responded that it has not violated Iran sanctions and stated the investigators were terminated for breaching the company's data privacy policies. The exchange asserted that the account investigations were never closed and pledged full cooperation with law enforcement.