Binance Under US DOJ Investigation for Alleged Iran Sanctions Violations

According to a report by The Wall Street Journal, the U.S. Department of Justice is investigating whether Binance was used to circumvent U.S. financial sanctions against Iran. This move comes weeks after several U.S. Democratic senators, including Richard Blumenthal, sent a letter to the DOJ and Treasury Department requesting a review of whether wallets linked to Iran were transferring funds through the Binance platform.

Notably, the report does not explicitly state whether the investigation targets Binance itself for potential violations, or only focuses on some users on its platform. Binance responded by stating that the company has established a global compliance system, staffed with over 1,500 professionals, and has deployed advanced on-chain monitoring technology to identify and block suspicious transactions.

Binance stated that since the beginning of 2024, the number of wallets associated with illegal activities on its platform has decreased by nearly 97%. Nevertheless, the company also acknowledged that in an open blockchain environment, completely eliminating risk is almost impossible, so continuously strengthening monitoring mechanisms and risk control measures is its core strategy.