Crypto
Home›Crypto›Regulation›Feds probe whether Binance enabled Iran to trade crypt…
Feds probe whether Binance enabled Iran to trade crypto despite sanctions
The investigation follows DOJ efforts to seize and seek forfeiture of $61 million in alleged crypto tied to sanctioned Iranian oil and laundered through Binance, according to the report.
Federal prosecutors, including the U.S. Department of Justice, are investigating whether Binance violated US sanctions by allowing Iran-linked entities to trade on its platform, according to a report cited by Bitcoin Magazine, which drew on people familiar with the matter.
The probe comes after the DOJ said last week it is seeking to forfeit $61 million in cryptocurrency it alleges came from black market sales of sanctioned Iranian oil, with the funds allegedly laundered through Binance by Chinese entities.
The United States has been targeting Iranian crypto activity, with Treasury Secretary Scott Bessent saying in April that wallets linked to the Iranian regime began to be targeted and that Iran’s crypto has been frozen, mostly in the form of Tether’s USDT stablecoin. Separately, the Treasury last week designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast, a broader campaign aimed at Iran and its enablers.
The report also notes that Iran has used bitcoin and other cryptocurrencies to skirt sanctions, and that bitcoin cannot be frozen unlike many other digital assets. It adds that Binance exited the US market and agreed to pay $4.3 billion, and that its founder and CEO Changpeng Zhao stepped down after pleading guilty to anti money laundering violations, the outlet said.
Latest closeBitcoin $85,554.46 ▼0.7%