Binance Faces US DOJ Investigation Over Iran Sanctions Allegations

The US Department of Justice is reportedly investigating Binance Holdings Ltd., the world's largest cryptocurrency exchange by user count and trading volume, over allegations that it violated US sanctions on Iran.

Bloomberg Law and Reuters reported Monday that agencies participating in the investigation include the Manhattan U.S. attorney's office and Justice Department criminal division.

The probe centers around Binance's alleged failure to stop certain trading on its platform, which could have facilitated transactions with sanctioned entities, including Yemen's Houthi rebels.

Binance has denied previous allegations of sanctions violations and has maintained a 'zero-tolerance policy' for such behavior, according to spokesperson Ross O'Leary.