Binance Vows Zero Tolerance on Sanctions Violations Amid Iran-Linked Scrutiny
Binance has been scrutinized for its involvement in transactions linked to Iranian entities. Co-CEO Richard Teng stated that the exchange has 'zero tolerance' for sanctions violations, emphasizing their commitment to investigating and restricting accounts where illicit activity is detected.
The U.S. Justice Department sought forfeiture of approximately $61 million in cryptocurrency, which prosecutors alleged was tied to black-market sales of sanctioned Iranian oil. The funds were laundered through Binance's trading accounts by two Chinese companies, Blessed Trust and Hexa Whale.
Teng reiterated that Binance will cooperate with law enforcement on this matter, as they have done since it was first raised months ago. This statement comes amidst ongoing scrutiny of the exchange's handling of Iranian-related transactions.