Binance Faces Sanctions Probe Over Iran Trading Allegations
US prosecutors are investigating whether Binance knowingly allowed trading that violated US sanctions on Iran. The probe is being run by the US Attorney's Office for the Southern District of New York alongside the Justice Department's criminal division in Washington.
Bloomberg reported that Binance maintains a zero-tolerance policy for sanctions violations, adding: 'We fully cooperate with law enforcement, and we remain committed to rooting out and shutting down bad actors.'
The investigation follows a civil forfeiture action filed by the Manhattan office on September 14, seeking $61 million in cryptocurrency tied to black-market Iranian oil sales.
According to the Justice Department, two Chinese companies, Blessed Trust and Hexa Whale, used trading accounts at Binance to launder more than $1.5 billion in oil proceeds that ultimately flowed to the Iranian government and the Islamic Revolutionary Guard Corps.