Binance Under Fire in Latest Sanctions Probe
US authorities have launched an investigation into Binance over possible sanctions violations related to Iran. The probe, which follows a pattern of scrutiny for the crypto exchange, is examining whether Binance allowed trading activity linked to Iran on its platform and if it knowingly permitted such activities.
Binance has maintained that it has a zero-tolerance policy toward sanctions violations, working closely with law enforcement agencies to identify and remove bad actors from its platform. The company's former CEO, Changpeng Zhao, faced similar allegations in 2023 and pleaded guilty to violating US financial laws, including the Bank Secrecy Act and International Emergency Economic Powers Act.
Zhao was sentenced to four months in prison and paid a $50 million fine as part of the case. He completed his sentence in September 2024, following a presidential pardon by Donald Trump.