The U.S. Department of Justice is investigating whether Iran used the Binance exchange to circumvent sanctions. Binance has refuted allegations of misconduct and also reportedly sued a media outlet for defamation. Reports indicate crypto activity linked to Iran has increased significantly following recent military tensions.
The Department of Justice has reportedly begun an investigation into whether Iran used the world’s largest crypto exchange, Binance, to evade American sanctions. The probe follows a request from several U.S. Democratic senators for authorities to examine potential moves on Binance from Iran-linked wallets.
Officials have contacted individuals familiar with the Iranian transactions to gather evidence. The investigation’s scope remains unclear, as it is not yet determined whether authorities are probing Binance itself or only the customers on its platform. Binance formally refuted the allegations days ago, calling them false and defamatory.
“The operator indicated it relies on robust monitoring and controls to minimize and mitigate risks,” while acknowledging that absolute zero risk is impossible. The company stated its exposure to wallets linked to illicit activity has declined by nearly 97% since early 2024. Binance also reportedly sued a media outlet for defamation over an article published on February 23.
Recent military strikes have heightened focus on cryptocurrency activity. Data shows crypto outflows linked to Iran skyrocketed by triple-digit percentages after the attacks began. Overall on-chain activity associated with the country rose to unprecedented heights.
