Home / Business and Economy / Binance Faces New Iran Sanctions Probe
Binance Faces New Iran Sanctions Probe
22 Sep
Summary
- Binance is under a new criminal probe regarding Iran sanctions.
- Prosecutors examine Binance's compliance awareness of Iran-linked transactions.
- Binance CEO states zero tolerance for sanctions violations.
U.S. prosecutors have initiated a new criminal probe into the cryptocurrency exchange Binance, focusing on alleged violations of Iran sanctions. The investigation, led by the Manhattan U.S. Attorney's Office and the Justice Department's criminal division, is scrutinizing whether Binance's compliance teams knowingly allowed transactions linked to Iran.
This probe follows a civil forfeiture complaint filed on September 14, which targeted over $61 million in USDT connected to alleged Iranian oil proceeds. Prosecutors are examining a network of crypto addresses believed to have distributed over $1.5 billion from illicit Iranian oil sales.
Binance CEO Richard Teng has publicly stated that the company has "zero tolerance for sanctions violations or illicit activity." He emphasized that Binance does not permit transactions with sanctioned individuals and is committed to cooperating with law enforcement agencies.
The current investigation brings to mind Binance's 2023 settlement, where the exchange pleaded guilty to U.S. sanctions violations and agreed to a $4.3 billion penalty. Founder Changpeng Zhao also faced separate legal consequences.
