US prosecutors probing Binance for possible Iran sanctions violations

Federal prosecutors in the United States are investigating cryptocurrency exchange Binance for potential violations of Iran sanctions, according to a source familiar with the matter. The inquiry is being conducted by federal prosecutors from the US attorney's office in Manhattan and the Justice Department's criminal division in Washington, D.C.

Bloomberg News first reported on the probe, stating that investigators are examining whether Binance knowingly facilitated trading activities that violated the sanctions. Neither the US Attorney's Office for the Southern District of New York nor the Justice Department's criminal division responded to requests for comment. Binance, however, issued a statement asserting a "zero-tolerance approach to sanctions violations" and pledged its "full cooperation with law enforcement" while remaining committed to identifying and shutting down "bad actors."

The U.S. government has imposed sanctions on entities it alleges are aiding Hezbollah and other Iranian allies in the Middle East, intensifying its efforts to economically isolate Iran.