The U.S. Department of Justice (DOJ) is scrutinizing whether Binance breached its landmark 2023 settlement with the U.S. government, as federal prosecutors investigate potential Iran sanctions violations on the platform, according to Bloomberg.
Tysen Duva, head of the DOJ's criminal division, said in an interview this week that officials were reviewing Binance's compliance with its 2023 agreement. He declined to discuss specifics and did not say Binance was in violation of the settlement, under which the company agreed to a $4.3 billion penalty, pleaded guilty to violating banking rules, and accepted increased compliance controls.
The development follows a September filing by the U.S. Attorney's Office in Manhattan, which is leading the probe alongside the criminal division in Washington, seeking forfeiture of $61 million** it said was generated from Iranian black-market oil sales and laundered through Binance. Prosecutors allege that **two Chinese firms** used Binance accounts to launder proceeds from Iranian oil sales as part of a wider network that moved more than **$1.5 billion.
Under the 2023 settlement, Binance is required to report any evidence or allegations of misconduct related to federal laws governing money laundering, banking transactions, and sanctions violations. If found to have breached the deal, the company could face revived charges and billions of dollars in additional fines.
Binance said in a statement that it is "continually working to enhance our controls, and we are fully committed to cooperating with law enforcement". Duva also praised Binance and other digital asset companies for helping the U.S. thwart cyber scams, encouraging firms to self-report potential violations.