Treasury Demands Binance Comply With ₱260.15 billion ($4.3 billion) Monitoring Deal
The US Treasury privately demanded Binance comply with its settlement obligations after The Information reported the exchange facilitated ₱60.5 billion ($1 billion) to Iran-tied entities and terminated employees who flagged the transactions.
Key Takeaway
Treasury is tightening the screws on Binance after Iran transaction reports — compliance failures could trigger criminal penalties.
The US Treasury sent a private letter to Binance demanding the exchange fulfill its obligations under a 2023 settlement that required three years of independent monitoring.
The Information reported Thursday that Binance allegedly facilitated ₱60.5 billion ($1 billion) in transactions to entities linked to Iran and fired individuals who alerted executives to the problem. The exchange settled with the Treasury and Department of Justice in 2023 after pleading guilty to failures in its anti-money laundering systems. Former CEO Changpeng Zhao resigned in November 2023 as part of that deal and served prison time before receiving a pardon from President Donald Trump in October 2025.
Zhao appeared at the Consensus conference in Miami on Thursday, the same day The Information published its report. He told attendees he was trying to avoid the US but floated the idea of revitalizing Binance.US. He also said he lacked the stamina to lead another company, calling himself a one-trick pony who was done with startups.
A Binance spokesperson said the exchange is committed to cooperating with the independent monitor and its ongoing collaboration with relevant agencies. Senators have separately urged Treasury Secretary Scott Bessent to report on whether Binance is adhering to the settlement terms. The monitoring requirement adds scrutiny to an exchange that remains widely used by traders globally, including in markets where it operates without local licenses.
The Iran connection draws attention because US authorities froze ₱20.81 billion ($344 million) in crypto linked to the country in a related case. World Liberty Financial, co-founded by Trump and his sons, recently made a ₱121 billion ($2 billion) investment in Binance using the USD1 stablecoin. That investment came after Trump pardoned Zhao, creating a political dimension to the compliance questions now facing the exchange as of May 8, 2026.
This article was written based on reporting from Cointelegraph.
