Federal prosecutors in the U.S. say they are investigating cryptocurrency exchange Binance over potential sanctions violations related to Iran. Attorney's Office in Manhattan is investigating the world's largest crypto exchange's compliance efforts. Department of Justice is collaborating with the investigation aimed at discovering whether Binance allowed trading to proceed despite being aware that it violated American sanctions placed on Iran and its government.
Regulators Push Crypto Rules As Clarity Act Stalls Deutsche Bank To Offer Crypto Custody For Institutions Robinhood To Offer Share Redemptions And Voting Rights On Tokenized Stocks Stablecoin Yield Ban Would Boost Bank Lending by Just 0.02%: White House Former Hut 8 CEO To Lead Crypto Miner Fortitude Binance has repeatedly denied accusations and rumors that it enables sanctions violations by countries such as Iran, Russia, and North Korea. This is not the first time Binance has been investigated for sanctions violations. The company pleaded guilty to banking compliance violations in 2023 and paid $4.3 billion U.S. in fines.
Since then, the company has stressed its cooperation with U.S. law enforcement and regulators. Earlier this year, Binance filed a defamation lawsuit against The Wall Street Journal after the newspaper published a report claiming the U.S. Justice Department was investigating the company over sanctions violations.
Separately, The New York Times has reported that Binance made it more difficult for law enforcement to obtain user information, making it harder to counter money laundering. Senator Richard Blumenthal initiated a probe of Binance earlier this year, alleging the company facilitated sanctions violations worth $1.7 billion U.S. The accusations by Senator Blumenthal were found to be unsubstantiated.
Binance is privately held and its stock does not trade on a public exchange.
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