Binance Faces Probe Over Alleged Iran Sanctions Violations

US federal prosecutors are investigating whether Binance violated sanctions on Iran by failing to prevent certain trading activity on its platform. The probe is being led by the Manhattan US attorney's office, with the Justice Department's criminal division in Washington also involved.

Bloomberg News reported that authorities are examining whether Binance knowingly allowed the trading. In a statement, Binance said it has a zero-tolerance approach to sanctions violations and 'fully cooperate[s] with law enforcement.'

This is not the first time Binance has faced US scrutiny. In 2023, its then-chief Changpeng Zhao stepped down and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement.