In the United States, an investigation has been launched regarding the possible use of the Binance cryptocurrency exchange by Iranian authorities to circumvent sanctions and finance Yemeni Houthis and other terrorist groups.
As reported by Euronews, citing The Wall Street Journal, the U.S. Department of Justice is examining information on how Iran may have used Binance, the world's largest cryptocurrency trading platform, to bypass American restrictions and support terrorist organizations linked to the Islamic Revolutionary Guard Corps (IRGC).
Based on data obtained by journalists, the investigation is based on company documents and information from informants.
Authorities have already contacted several informed individuals to request interviews and gather necessary evidence, according to WSJ.
According to sources, an independent observer appointed by the U.S. Treasury has requested detailed information from Binance regarding the alleged Iranian operations, including data on a business partner through which a significant portion of financial flows passed.
At this point, it is unclear whether the investigation concerns potential violations by Binance or only actions taken by its clients.
A representative of the exchange told WSJ that Binance "categorically did not conduct direct transactions with any sanctioned entities."
These events once again draw the attention of American regulators to Binance just a few months after its founder received a pardon from the president, highlighting the challenges in enforcing sanctions in the rapidly changing sectors of cryptocurrency and fintech.
Changpeng Zhao, better known as CZ, the founder of Binance, was pardoned by President Trump in October.
The current investigation raises questions about the actions of the exchange, which in 2023 admitted its guilt in violations of U.S. banking and sanctions laws, for which it was fined a record $4.3 billion (€3.7 billion) and subjected to ongoing oversight by U.S. authorities.
Under the terms of the 2023 agreement, Binance is required to conduct thorough checks of its clients for terrorism financing and sanctions compliance, as well as to promptly inform authorities of suspicious activity.
Additional Attention from the U.S. Congress
The situation has also become a topic of discussion on Capitol Hill.
Democratic Senator Richard Blumenthal, one of the leaders of the Senate Committee on Homeland Security, initiated an official investigation last month into how Binance processed transactions related to Iran.
He pointed to significant undeclared transfers, which he said amount to $2 billion (€1.7 billion) to sanctioned entities, as well as the dismissal of employees involved in internal audits, raising doubts about the exchange's compliance with U.S. sanctions laws.
After requesting detailed documentation from Binance, the senator received a response in which the company called the media information inaccurate and emphasized that it has "one of the best compliance programs in the industry."
Nevertheless, Blumenthal later characterized this response as evasive and insufficient to address his concerns.
The U.S. Department of Justice's investigation coincided with efforts to disrupt financial networks linked to the IRGC of Iran.
In anticipation of joint military actions with Israel against Iran, Washington has intensified measures to block sources of income, particularly those related to crypto assets used to funnel proceeds from oil sales to China.
In January, the U.S. Treasury imposed sanctions on two small cryptocurrency exchanges for transferring large sums to digital wallets associated with the IRGC.
The record of the U.S. Department of Justice beginning an investigation into Iran's use of the Binance exchange to circumvent sanctions first appeared on K-News.
