Binance has been under heightened scrutiny in recent months over allegations that it helped facilitate illicit crypto activity tied to Iran. The latest development is that the US Treasury Department has delivered a private ultimatum to the exchange.
Binance Under The Spotlight Again
According to The Information, the US Treasury sent a letter to Binance in recent weeks requiring adherence to the post-2023 oversight measures.
The pressure comes after investigative reporting suggested that large volumes of cryptocurrency may have flowed through Binance toward Iran-linked entities during 2024 and 2025. Estimates cited in the reporting vary, with some figures placing the total at roughly $1.7 billion.
Earlier, in February, Bitcoinist reported that Senator Richard Blumenthal initiated a formal inquiry into Binance and its co-CEO, Richard Teng, tied to these allegations. Blumenthal’s letter raised concerns that the company may have enabled “large-scale violations” of US and international sanctions relating to Iran.
In his message, the senator argued that Binance appeared to disregard warnings and recommendations intended to prevent Iranian money laundering schemes, pointing again to the claim that approximately $1.7 billion in transfers connected to Iran may have occurred.
Cooperation Promise
In response to the renewed scrutiny, Binance said it is cooperating with the independent monitor and with relevant agencies. In comments to The Block, a spokesperson for Binance said the company is providing full cooperation and transparency.
Separately, the exchange acknowledged the seriousness of its previous compliance problems, stating that it is working to improve both transparency and the speed of its responses.
According to The Information, Treasury Under Secretary for Terrorism Gene Lange reminded the exchange of its obligation to cooperate fully with the Treasury-imposed monitoring program. Lange’s message emphasized timely sharing of relevant data records and documents as part of the program’s requirements.
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