Binance Under Fire: Manhattan Prosecutors Probe Iran-Linked Trading
Federal prosecutors in Manhattan are investigating Binance's sanctions controls, three years after the exchange agreed to $4.3 billion in penalties to settle similar charges.
The probe follows a civil forfeiture complaint filed by the Southern District of New York, which sought over $61 million in crypto allegedly generated by Iranian black-market oil sales and moved through Binance accounts by two Chinese companies, Blessed Trust and Hexa Whale.
Prosecutors are examining whether Binance knowingly allowed Iran-linked trading to occur on its platform, despite the company's claims of a 'zero-tolerance policy for sanctions violations.'
Binance pleaded guilty in November 2023 to sanctions and anti-money-laundering violations and agreed to penalties and independent monitors reporting separately to the DOJ and FinCEN.