Binance Faces DOJ Probe Over Alleged Iran Sanctions Violations
The US Department of Justice (DOJ) has launched an investigation into whether Binance knowingly facilitated sanctions violations related to Iran. Federal prosecutors in Manhattan are reviewing whether the exchange was aware of Iranian capital flows, according to a Bloomberg report.
The probe comes amid a heightened crackdown against illicit funds to the government of Iran via digital assets. Over $1 billion in crypto funds tied to the Iranian regime has been frozen by the US Treasury since the Israel-Iran war began earlier this year.
Last week, the US government sought a forfeiture of $61 million from Binance exchange, which it claims was tied to Iranian black market oil sales. The funds were allegedly laundered by two Chinese companies on behalf of the Iranian regime.
Binance CEO Richard Teng maintained that the exchange had no wrongdoing and that the DOJ had not filed any case against it. He stated that Binance does not tolerate sanctioned individuals and would swiftly hand any culprit to authorities.