DOJ Probes Binance Over ₱100.77 billion ($1.7 billion) Iran-Linked Crypto Flows
The Justice Department is investigating Binance for allegedly facilitating ₱100.77 billion ($1.7 billion) in transactions connected to Iran-linked entities, marking a fresh probe into the world's largest crypto exchange.
Key Takeaway
Binance faces fresh sanctions probe despite record settlement, raising doubts about compliance reforms under 5-year monitorship.
Federal prosecutors are investigating Binance over suspicious transactions worth ₱100.77 billion ($1.7 billion) allegedly tied to Iran-linked entities, according to people familiar with the matter.
The Justice Department probe focuses on transfers routed through accounts including Blessed Trust, which allegedly moved ₱59.28 billion ($1 billion) in suspect funds. Binance denies the allegations, calling them false and stating its review found no sanctions violations. The exchange said entities were investigated and offboarded, and no Iran-based entities transacted directly on the platform.
Binance reached a ₱254.9 billion ($4.3 billion) settlement with U.S. authorities in 2023 after pleading guilty to sanctions and anti-money-laundering failures. FinCEN imposed a 5-year monitorship and assessed $3.4 billion of that penalty, while OFAC contributed $968 million. Deputy Attorney General Lisa Monaco said at the time that a corporate strategy putting profits over compliance is a path to federal prosecution, not riches.
The exchange fired at least five internal compliance investigators starting late 2025, including three with law enforcement backgrounds. Senator Richard Blumenthal characterized the terminations as a major governance red flag and demanded records from CEO Richard Teng. Founder Changpeng Zhao received a presidential pardon before the latest probe emerged.
Binance remains the world's largest crypto exchange with 300 million registered accounts and a 38.3% market share as of December 2025. The platform recorded $10 billion in 24-hour spot volume and holds $151.2 billion in reserve assets.
The Treasury Department designated UK-registered exchanges Zedcex and Zedxion on January 30 for Iranian sanctions evasion. Prosecutors noted in the 2023 settlement that Binance had suggested users employ VPNs to bypass geofencing controls blocking access from sanctioned jurisdictions.
This article was written based on reporting from CryptoSlate.
