DOJ Probes Iran's Crypto Sanctions Evasion
The Department of Justice is investigating Iran's alleged use of Binance to evade U.S. sanctions, highlighting crypto's role in global finance reported.
The DOJ is investigating whether Iran used Binance to evade U.S. sanctions by routing funds to networks linked to Iran-backed groups, including Yemen's Houthi militants. The probe is focusing on digital transactions that allegedly moved over $1 billion through the platform. This investigation follows an internal Binance probe that identified over $1 billion in flows connected to a network funding Iran-backed terrorist groups. Binance later concluded that around $24 million had entered wallets associated with Iran's Islamic Revolutionary Guard Corps (IRGC). Binance has stated that it did not directly transact with sanctioned entities and has cooperated with law enforcement to shut down suspicious activity. The company also filed a defamation lawsuit against The Wall Street Journal, which initially reported on the DOJ probe. In 2023, Binance pleaded guilty to anti-money-laundering and sanctions violations, agreeing to a $4.3 billion settlement and compliance monitoring. Former CEO Changpeng Zhao also pleaded guilty and served four months in jail.
