Binance faces US scrutiny over possible Iran sanctions violations, source says

​US prosecutors are investigating Binance in ​connection to US sanctions on ‌Iran ​and trading activity on its platform, a source with knowledge of the matter said.

The investigation is being led by federal ‌prosecutors with the US attorney's office in Manhattan and with the Justice Department's criminal division in Washington, the source said. Bloomberg News, which earlier reported the probe, said investigators are scrutinizing ‌whether Binance knowingly allowed the trading that violated the sanctions. Spokespeople for the US Attorney's ‌Office for the Southern District of New York and the Justice Department's criminal division declined to comment. Binance said in a statement it has a zero-tolerance approach to sanctions violations.

"We fully cooperate with law ⁠enforcement, and ​we remain committed to ⁠rooting out and shutting down bad actors," it said. The US government has imposed sanctionson firms and individuals ⁠it says are helping Hezbollah and other Iranian proxies in the Middle East, intensifying its ​campaign to isolate Iran economically.

Earlier this month, the US Attorney's Office for the Southern ⁠District of New York sought the forfeiture of millions of dollars in Iranian oil sales it said had ⁠been ​laundered on Binance's crypto exchange. Binance has faced US scrutiny in the past. In 2023, Binance'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 world's largest ⁠crypto exchange. President ⁠Donald Trump later pardoned the crypto executive.