Binance Faces US Investigation for Alleged Iran Sanctions Violations

The US government has launched an investigation into Binance, the world's largest cryptocurrency exchange, for allegedly violating Iran sanctions. The investigation is being led by federal prosecutors with the US Attorney's Office in Manhattan and the Justice Department's criminal division in Washington.

Bloomberg News reported that investigators are scrutinizing whether Binance knowingly allowed trading on its platform that violated the sanctions. A spokesperson for Binance stated that they have a 'zero-tolerance approach to sanctions violations' and cooperate with law enforcement agencies.

This is not the first time Binance has faced US scrutiny. In 2023, the company's then-chief, Changpeng Zhao, stepped down and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the exchange.