DOJ Probes Binance for Potential Iran Sanctions Violations

The United States Department of Justice is scrutinizing Binance Holdings Ltd. to determine if the cryptocurrency platform breached a landmark 2023 settlement agreement. Authorities are specifically probing activity on the platform for potential violations of sanctions against Iran.

Tysen Duva, head of the DOJ's criminal division, confirmed the review of the company's compliance but did not state whether Binance is currently in violation of the terms. The investigation follows a 2023 accord in which Binance pleaded guilty to violating banking rules and paid a $4.3 billion penalty.

As part of that agreement, the company committed to implementing enhanced compliance controls to prevent further illegal activity. The current probe focuses on whether those controls failed to stop transactions involving sanctioned Iranian entities.