Binance Faces Probe Over Alleged Iran Sanctions Breaches

Binance, one of the largest cryptocurrency exchanges in the world, is facing a probe by US federal prosecutors over allegations that it failed to prevent trading connected to Iran and knowingly permitted such activity.

The inquiry, led by the Manhattan U.S. Attorney's Office and the Justice Department's Criminal Division, is reportedly examining whether Binance took steps to prevent trading with customers in restricted jurisdictions, including Iran.

In 2023, Binance entered a $4.3 billion coordinated US resolution with OFAC, agreeing to implement enhanced framework for sanctions controls, including mandatory identity checks and real-time screening.