Binance under US scrutiny over possible Iran sanctions violations, Bloomberg News reports
Federal prosecutors are examining whether Binance’s controls failed to stop sanctioned Iran-related trading after the exchange’s 2023 guilty plea and $4.3 billion settlement.
- On Monday, federal prosecutors launched an investigation into whether Binance violated United States sanctions on Iran by failing to prevent prohibited trading activity on its platform.
- This inquiry follows the exchange's November 2023 criminal resolution with the Justice Department, where Binance pleaded guilty to violating the Bank Secrecy Act and agreed to a $4.316 billion penalty.
- Separately, a civil forfeiture complaint filed by the Southern District on Sept. 14 seeks assets tied to approximately $61 million in alleged Iranian oil sales, though the case does not charge Binance with wrongdoing.
- Binance said it maintains a "zero-tolerance approach to sanctions violations," noting that more than 1,500 employees work in compliance-related functions to monitor potential risks and cooperate with law enforcement.
- United States authorities continue an intensified campaign to isolate Iran economically, recently imposing sanctions on firms allegedly assisting Hezbollah and other Iranian proxies in the Middle East.
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58 Articles
US prosecutors investigate Binance over alleged Iran sanctions violations, crypto laundering
The US government has imposed sanctions on firms and individuals it says are helping Hezbollah and other Iranian proxies in the Middle East, intensifying its campaign to isolate Iran economically.
Binance Faces Renewed U.S. Scrutiny Over Iran Sanctions as Prosecutors Test Post-Settlement Controls
U.S. prosecutors are investigating whether Binance knowingly allowed Iran sanctions violations on its platform, testing the exchange's post-2023 compliance overhaul. The Manhattan U.S. attorney's office and DOJ criminal division are leading the probe, which follows a $61 million forfeiture case tied to Iranian oil laundering through the exchange. Binance maintains it has zero tolerance for such activity.
U.S. federal prosecutors are checking to see if Binance's cryptobir was able to allow Iranian users to conduct operations contrary to American sanctions.
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