Binance faces U.S. sanctions probe over possible Iran-related trading violations
Federal prosecutors in the U.S. are investigating whether Binance failed to block trading activity that may have breached sanctions on Iran. The inquiry adds fresh regulatory pressure on the crypto exchange after its 2023 settlement over U.S. anti-money laundering violations.
Highlights
- Federal prosecutors, including the Manhattan U.S. attorney's office and Justice Department, are investigating Binance for potential U.S. Iran-sanctions violations.
- Binance asserts it maintains a zero-tolerance stance on sanctions violations and continues to cooperate fully with law enforcement as scrutiny intensifies.
- The probe follows Binance's $4.3 billion settlement in 2023 for anti-money laundering violations, and coincides with Washington's escalating sanctions on Iran and affiliated entities.
Justice Department inquiry expands Binance pressure
As reported by Reuters, citing Bloomberg News, federal prosecutors are examining whether Binance knowingly allowed trading activity that violated U.S. sanctions on Iran. The probe is led by the Manhattan U.S. attorney's office, with the Justice Department's criminal division in Washington also involved, according to the report.Binance says in a statement that it has a zero-tolerance approach to sanctions violations. The company says it fully cooperates with law enforcement and remains committed to rooting out and shutting down bad actors.
The Justice Department declines to comment, while the Manhattan U.S. attorney's office cannot immediately be reached for comment outside regular business hours.
Sanctions enforcement sharpens crypto compliance risks
Regulatory scrutiny of Binance continues after the exchange's earlier clashes with U.S. authorities. In 2023, then-chief executive Changpeng Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement that resolved a years-long probe into the crypto platform.The latest investigation comes as Washington intensifies pressure on Iran and affiliated groups. Earlier this month, the U.S. government imposed sanctions on firms and individuals it says are helping Hezbollah and other Iranian proxies in the Middle East, widening its campaign to isolate Iran economically.
Our earlier report on the A7 sanctions-evasion network detailed how a Kremlin-backed fintech system allegedly moved more than $6.9 billion through international banks using shell companies, forged invoices, and altered trade paperwork. The findings highlighted major anti-money laundering weaknesses in correspondent banking and showed how sophisticated documentation fraud can help sanctioned actors keep accessing the global financial system.
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