BNB
US Department of Justice Reviews Binance Settlement Compliance
Federal prosecutors are reviewing whether Binance complied with the terms of its 2023 settlement agreement following reports of suspected sanctions violations.
The US Department of Justice is investigating whether Binance has complied with the conditions of its $4.3 billion criminal settlement reached in 2023. Tysen Duva, head of the Justice Department’s Criminal Division, confirmed to Bloomberg on October 9 that authorities are currently reviewing the cryptocurrency exchange’s compliance record.
The review follows multiple reports regarding potential sanctions breaches. The Wall Street Journal reported that accounts associated with financier Babak Zanjani processed roughly $850 million through Binance, drawing inquiries from US and Swiss authorities before Binance closed the accounts. Additionally, a September civil forfeiture complaint alleged that two Chinese firms laundered proceeds from Iranian oil sales through the platform as part of a network exceeding $1.5 billion. Binance stated that it investigated and removed the accounts, and no wrongdoing was alleged against the exchange or its employees in that filing.
Federal prosecutors are also assessing whether the platform knowingly facilitated prohibited transactions. Previous corporate cases involving deferred-prosecution agreement breaches, such as those involving Ericsson and Standard Chartered, resulted in extended monitoring and additional financial penalties, though Binance's existing guilty plea marks a different legal status.
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