Binance, one of the world's largest cryptocurrency exchanges, has once again come under legal scrutiny in the US. The US Department of Justice (DOJ) is reportedly investigating whether certain transactions linked to Iran violated American sanctions. According to the Wall Street Journal, the investigation focuses on high-volume transfers made through Binance by individuals and entities linked to Iran.
Allegations of transfers exceeding $1 billion trigger a new investigation in Washington
The investigation is based on internal company documents indicating that between March 2024 and August 2025, over $1 billion in cryptocurrency was transferred through the Binance platform to Iranian-linked networks. These transactions are alleged to be connected to networks that could contribute to the financing of certain organizations supported by Iran. US authorities are conducting a comprehensive investigation to determine whether these transfers constitute a violation of sanctions.
According to the report, US investigators have contacted and requested interviews with individuals believed to have knowledge of the Iranian-linked transactions. Authorities are reportedly trying to understand how these transfers occurred and Binance's role in the process. However, the Wall Street Journal reports that it is not yet clear whether the Justice Department is directly targeting Binance or only its customers who use the platform.
The investigation may also be linked to the termination of an internal review previously initiated by Binance. This internal review allegedly covered data on Iran-related transactions and analyzed transfer flows totaling over $1 billion. However, it is claimed that this investigation was halted in its later stages.
The issue has also been raised in US political circles. Eleven Democratic senators sent a letter to US Attorney General Pam Bondi and Treasury Secretary Scott Bessent requesting a comprehensive review of Binance's sanctions compliance. In the letter, the senators specifically requested a swift and detailed assessment of Iran-related transactions. The officials were given until March 13 to respond.
On the other hand, Binance strongly denied the allegations. The company argued that the reports published by the Wall Street Journal and Fortune were "false and defamatory." Binance officials stated that the platform's compliance and oversight mechanisms are among the most advanced in the industry. For the crypto exchange, this investigation represents renewed pressure following major legal processes in recent years. In 2023, Binance pleaded guilty to anti-money laundering (AML) and sanctions violations in the US and agreed to pay approximately $4.3 billion in fines. The company also agreed to operate under the supervision of US authorities. During this process, Binance founder and former CEO Changpeng Zhao also pleaded guilty in a related case and received a four-month prison sentence. It is reported that Zhao was later pardoned by US President Donald Trump in October. Another key aspect of the investigation is the compliance auditor appointed by the US Treasury Department. This independent observer, who oversees Binance's compliance program, has sent requests for additional information to the company regarding transfers linked to Iran. These requests reportedly include details about a business partner who allegedly facilitated large-scale fund transfers. From a cryptocurrency perspective, the possibility of a new investigation into Binance shows that the sector continues to face regulatory pressure. In recent years, US regulators have been scrutinizing the enforcement, anti-money laundering, and financial crime policies of major crypto platforms in particular.
