Iran sanctions review on Binance in the USA

Binance, the world's largest cryptocurrency exchange, is facing a new investigation in the USA. It has been reported that US federal prosecutors are investigating whether Binance blocked some transactions that violated sanctions against Iran.

According to Bloomberg, based on sources familiar with the matter, the Manhattan Prosecutor's Office is conducting the investigation. While the criminal unit of the US Department of Justice in Washington was also involved in the process, it was stated that the authorities were examining whether Binance knowingly allowed the transactions in question.

It is stated that the investigation does not yet mean that Binance has been found to have committed any violations, and that the process may be concluded without accusations.

In its statement on the issue, Binance stated that it implemented a zero tolerance policy against sanctions violations.

The exchange stated that it is in full cooperation with law enforcement and continues its efforts to identify people who abuse the platform and terminate their activities.

While the US Department of Justice did not comment on the issue, there was no statement from the Manhattan Prosecutor's Office as of the time the news was published.

Binance had previously gone through an extensive legal process with the US authorities. The company reached a $4.3 billion settlement in 2023 within the scope of investigations into violations of US laws, including anti-money laundering and sanctions legislation.

Binance's founder and CEO at the time, Changpeng Zhao, also accepted the accusation of not establishing an effective anti-money laundering program and resigned from his position as CEO.

During the same period, the US Treasury Department announced that Binance had signed an OFAC settlement worth approximately $969 million due to numerous transactions related to sanctions programs.

The latest investigation comes as the United States increases sanctions against Iran's financial networks. On September 10, the US Treasury Department imposed new sanctions on various individuals and organizations that it claimed provided support to Hezbollah and Kataib Hezbollah.

US authorities also filed a separate lawsuit last week seeking the confiscation of approximately $61 million in cryptocurrencies allegedly derived from the sale of sanctioned Iranian oil. The Manhattan Prosecutor's Office claims that the funds in question were intended to be transferred to structures affiliated with the Iranian government and the Iranian Revolutionary Guard. The allegations made in this file have not yet been finalized by the court.