Binance Faces Probe Over Iran Sanctions Violations
US authorities are investigating whether Binance, the world's largest cryptocurrency exchange, knowingly allowed trades that violated US sanctions on Iran. According to a Bloomberg report, federal prosecutors have been examining Binance's compliance controls and whether the exchange was aware of transactions under review.
The investigation centers on whether Binance permitted trading that should have been stopped under US sanctions. The Justice Department's Criminal Division is participating in the inquiry, led by the Manhattan US Attorney's Office.
Binance has maintained a 'zero-tolerance policy' for sanctions violations and claims to fully cooperate with law enforcement. However, the exchange faced criticism over its handling of Iran-related transactions, which led to a congressional oversight investigation in March.