A move overseas seems likely for the 27-year-old and Japan and Europe's big spending clubs have been put on alert.
"It's all a business matter, that's why I'm leaving. I had no choice," said Ioane.
"I've been thinking about it for the last six or seven months. It started last year.. Sadly, it has come to the stage where I have to look somewhere else so I can look after myself.
"I believe in loyalty but there's times when you can't trust anyone."
Earlier in Australia, Reds chief executive Jim Carmichael had denied Ioane would be allowed to leave and called the player's off-pitch conduct into question.
"He has a bigger problem than his contract and that's his conduct," said Carmichael.
"At this stage we have an agreement that the only way he can play at any other (Australian) franchise than the Reds is if he declines an offer from the ARU - and I agree to it.
"He's going nowhere unless I release him."