- The Manhattan US attorney’s office and the Justice Department are investigating Binance over potential Iran sanctions violations, Bloomberg reported Tuesday.
- Binance stated it does not tolerate sanctions violations and fully cooperates with law enforcement.
- Earlier reports found two Chinese companies traded billions in crypto on Binance to help Iran bypass oil sanctions, which Binance called defamatory.
- The US government recently seized $61 million in frozen USDT allegedly linked to Iran’s oil trading network.
The Manhattan US attorney’s office and the Justice Department‘s Washington arm are investigating Binance over potential Iran sanctions violations, Bloomberg reported Tuesday. The probe focuses on whether the Dubai-based crypto exchange knowingly allowed Iran-linked trades.
Binance responded that it does not tolerate sanctions violations. “We fully cooperate with law enforcement, and we remain committed to rooting out and shutting down bad actors,” the company told Bloomberg.
Earlier this year, reports from the Wall Street Journal, New York Times, and Forbes detailed how two Chinese companies traded billions of dollars in crypto on Binance as part of a sanction-dodging scheme for Iranian oil sales. Binance called those reports defamatory and sued the Wall Street Journal for defamation in March.
The DoJ reportedly began investigating Binance over these Iran-linked funds in March. Earlier this month, the US government seized and planned to forfeit $61 million in frozen USDT allegedly tied to Iran’s oil trading, claiming the enterprise has generated $1.5 billion in crypto proceeds for Iran’s military and nuclear program.
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