The Binance platform has once again come under the scrutiny of the U.S. Department of Justice due to potential violations of the $4.3 billion agreement reached in 2023. The head of the Criminal Division of the U.S. Department of Justice, Tyssen Duva, confirmed on October 9 that the investigations are focused on Binance's compliance with the terms of this agreement. One reason for the investigation was a suspicious payment network linked to Iran. According to information from The Wall Street Journal, approximately $850 million was processed through Binance under the control of financier Babak Zanjani.
The second reason was a $61 million forfeiture case filed in September. Prosecutors accuse two Chinese companies, Blessed Trust and Hexa Whale, of using Binance accounts to launder proceeds from Iranian oil sales. It is suspected that a wide network could have moved more than $1.5 billion. The third aspect of the investigation concerns Binance's response to suspicions of sanctions violations. It was previously reported that prosecutors are examining whether the exchange was aware of prohibited transactions. The Department of Justice does not specify which incidents are being reviewed in the course of the agreement check. No offenses against Binance or its employees are reported in the lawsuit.
In cases of similar violations with other companies, such as Ericsson and Standard Chartered, fines were imposed and compliance terms extended. Possible outcomes for Binance range from enhanced compliance monitoring to additional fines or new criminal proceedings. However, comparisons with past cases have limits: Ericsson, Standard Chartered, and Boeing had deferred prosecution agreements in place, whereas Binance already admitted guilt in 2023.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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