US Treasury demands Binance strengthen compliance amid Iran allegations

The U.S. Treasury Department has demanded that Binance enhance its compliance measures following media reports that Iran is using the exchange to evade American sanctions, The Information reported. Previously, The New York Times and The Wall Street Journal raised allegations that Iran had bypassed U.S. sanctions and financed terrorist groups through Binance. The demand is seen as a follow-up to the major settlement Binance reached with U.S. authorities in 2023. At that time, the exchange agreed to a $4.3 billion fine for anti-money laundering and sanctions violations and pledged to implement an independent compliance monitoring system. The Treasury Department appears to be using the latest allegations to verify Binance's adherence to its obligations under the settlement, demanding a block on Iran-related transactions and stronger internal controls.