diff --git a/compile.c b/compile.c
index 2631a97aed..00b9e1d6ae 100644
--- a/compile.c
+++ b/compile.c
@@ -10010,6 +10010,8 @@ iseq_ibf_load(VALUE str)
     ibf_load_setup(load, loader_obj, str);
     iseq = ibf_load_iseq(load, 0);
 
+    iseq_init_trace(iseq);
+
     RB_GC_GUARD(loader_obj);
     return iseq;
 }
diff --git a/iseq.c b/iseq.c
index 04b55bba02..cbd216089e 100644
--- a/iseq.c
+++ b/iseq.c
@@ -504,6 +504,15 @@ rb_iseq_insns_info_decode_positions(const struct rb_iseq_constant_body *body)
 }
 #endif
 
+void
+iseq_init_trace(rb_iseq_t *iseq)
+{
+    iseq->aux.trace_events = 0;
+    if (ruby_vm_event_enabled_flags & ISEQ_TRACE_EVENTS) {
+        rb_iseq_trace_set(iseq, ruby_vm_event_enabled_flags & ISEQ_TRACE_EVENTS);
+    }
+}
+
 static VALUE
 finish_iseq_build(rb_iseq_t *iseq)
 {
@@ -531,10 +540,7 @@ finish_iseq_build(rb_iseq_t *iseq)
 	rb_exc_raise(err);
     }
 
-    iseq->aux.trace_events = 0;
-    if (ruby_vm_event_enabled_flags & ISEQ_TRACE_EVENTS) {
-	rb_iseq_trace_set(iseq, ruby_vm_event_enabled_flags & ISEQ_TRACE_EVENTS);
-    }
+    iseq_init_trace(iseq);
     return Qtrue;
 }
 
diff --git a/iseq.h b/iseq.h
index 851eaeabbc..e889a275fc 100644
--- a/iseq.h
+++ b/iseq.h
@@ -144,6 +144,8 @@ VALUE iseq_ibf_dump(const rb_iseq_t *iseq, VALUE opt);
 void ibf_load_iseq_complete(rb_iseq_t *iseq);
 const rb_iseq_t *iseq_ibf_load(VALUE str);
 VALUE iseq_ibf_load_extra_data(VALUE str);
+void iseq_init_trace(rb_iseq_t *iseq);
+
 #if VM_INSN_INFO_TABLE_IMPL == 2
 unsigned int *rb_iseq_insns_info_decode_positions(const struct rb_iseq_constant_body *body);
 #endif
diff --git a/test/ruby/test_iseq.rb b/test/ruby/test_iseq.rb
index 86aad2da69..d193f41c6e 100644
--- a/test/ruby/test_iseq.rb
+++ b/test/ruby/test_iseq.rb
@@ -438,4 +438,18 @@ class TestISeq < Test::Unit::TestCase
       end
     end;
   end
+
+  def test_to_binary_tracepoint
+    filename = "#{File.basename(__FILE__)}_#{__LINE__}"
+    iseq = RubyVM::InstructionSequence.compile("x = 1\n y = 2", filename)
+    iseq_bin = iseq.to_binary
+    ary = []
+    TracePoint.new(:line){|tp|
+      next unless tp.path == filename
+      ary << [tp.path, tp.lineno]
+    }.enable{
+      ISeq.load_from_binary(iseq_bin).eval
+    }
+    assert_equal [[filename, 1], [filename, 2]], ary, '[Bug #14702]'
+  end
 end