Binance faces second probe over Iran-linked billions
US officials are probing Binance again as they try to uncover whether or not the Dubai-based crypto exchange knowingly allowed Iran-linked trades and violated US sanctions against the country.
Bloomberg reported Tuesday that the Manhattan US attorney’s office and Justice Department’s (DoJ) Washington arm are spearheading the investigation.
Binance told Bloomberg it doesn’t tolerate sanctions violations, saying, “We fully cooperate with law enforcement, and we remain committed to rooting out and shutting down bad actors.”
Earlier this year, The Wall Street Journal, New York Times, and Forbes reported that two Chinese companies traded billions of dollars worth of crypto on Binance as part of a sanction-dodging plan to allow Iran to continue to sell its oil.
Read more: US Senator asks if Binance lied to Congress about Iran
Binance called these reports defamatory.
In March, the DoJ reportedly began an investigation into Binance about these Iran-linked funds. In the same month, Binance sued the WSJ for defamation.
Earlier this month, the US government seized and planned to forfeit $61 million worth of frozen USDT that is allegedly part of Iran’s oil trading.
It claimed this enterprise has generated $1.5 billion in crypto proceeds for Iran’s military and nuclear program.
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