The US Justice Department is looking into Iran’s use of the large cryptocurrency exchange Binance to avoid sanctions, The Wall Street Journal reports, citing documents and people familiar with the matter.
The report said it is unclear whether the platform itself is being investigated or if the probe is focused on Binance’s users.
This is not the first time Binance has encountered laws prohibiting funding terror groups. Last November, according to the Journal, more than $1.7 billion was flagged “moving from Chinese clients into digital wallets used by Iran to finance its proxies,” including Yemen’s Houthi terror group. The Journal reported that Binance dismantled the team investigating that cashflow.
In 2023, Binance founder Changpeng Zhao pleaded guilty in the US to violating money-laundering and sanctions laws. US President Donald Trump pardoned him last year.
The report said the US Justice Department, Treasury and Iranian authorities declined to comment.
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