Binance Faces Probe Over Alleged Role in Sanctions Evasion
US authorities are investigating Binance over allegations that it allowed Iran to evade sanctions by using its platform. The probe, led by federal prosecutors and including the US Department of Justice, is centered on whether Binance knowingly enabled Iranian-linked entities to trade through its exchange.
The investigation comes after the US Department of Justice seized $61 million in cryptocurrency allegedly linked to black-market sales of sanctioned Iranian oil. The funds were laundered through Binance by Chinese entities, according to the DOJ.
Binance, which operates the world's largest crypto exchange, has previously faced scrutiny over its handling of virtual theft and terrorism-related funds. It exited the US market in 2019 after agreeing to pay $4.3 billion and paying a fine for anti-money laundering violations.