US Treasury officials reportedly sent a letter to Binance pressing the crypto exchange on compliance with a 2023 deal, after reports circulated that the company had facilitated transactions linked to Iran.
Update (May 7 at 9:47 PM UTC): This article has been updated to include a statement from Binance.
The US Department of the Treasury reportedly demanded that Binance follow a monitoring program put in place by a 2023 deal between authorities and the cryptocurrency exchange, following reports that the company facilitated $1 billion to entities tied to Iran.
According to a Thursday report by The Information, the Treasury Department “privately demanded” that Binance be in compliance with a monitoring program to which it had agreed after reaching a deal with US authorities in 2023. The deal, which included a $4.3 billion settlement with Treasury and the US Department of Justice, required Binance to comply with a three-year monitoring program overseen by government officials.
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