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DOJ Broadens Investigation into Binance Over Alleged Iran Transactions

Democratic Senator Richard Blumenthal has intensified scrutiny of Binance amid emerging concerns over its Iran-related transactions.

The senator has been investigating the exchange's compliance with US and international sanctions regarding Iran since February.

On April 17, Blumenthal sent letters to the US Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) seeking more information.

These letters question the effectiveness of compliance monitors established in 2024 to oversee Binance's operations.

Blumenthal expressed concern over accusations that Binance's anti-money laundering measures were inadequate.

The investigation follows reports that Binance dismissed internal investigators who flagged over $1 billion in transactions linked to Iran.

Despite these allegations, Binance maintains that its compliance program is robust and denies any wrongdoing.

Earlier, Binance reported a significant reduction in sanctions-related exposure, claiming it decreased from 0.284% to 0.009% within 18 months.

The exchange also indicated a drop in transaction volume involving major Iranian crypto exchanges during the same period.

As of now, Binance's token, BNB, remains resilient, trading at $638 after recent fluctuations.