US Justice Department Reviewing Binance’s Compliance With 2023 Settlement

The US Department of Justice is reviewing whether Binance has complied with its 2023 settlement, Bloomberg reported on Oct. 9.

Tyson Doubt, acting head of the Justice Department’s criminal division, said in an interview that the department is assessing whether Binance is meeting the terms of the 2023 agreement. He did not provide details or say the company had violated the settlement.

Under the 2023 agreement, Binance agreed to pay a $4.3 billion fine, plead guilty to violations of banking laws and accept enhanced internal controls. The probe is focused on whether the exchange violated US sanctions on Iran by failing to block Iran-linked transactions on its platform.

Last month, the US Attorney’s Office for the Southern District of New York sought forfeiture of $61 million it said was laundered through Binance from proceeds tied to Iranian black-market oil sales. Doubt said the related investigation is ongoing and that his office is involved. He declined to discuss the facts of the case or the status of the investigation in detail.

Binance said in a statement that it is continuing to strengthen its internal controls and is fully committed to cooperating with law enforcement.

Under the settlement, Binance is required to report to the government any evidence or allegations that could amount to violations of federal laws related to money laundering, banking transactions or sanctions. If a breach is confirmed, the criminal case resolved under the earlier settlement could be reopened, potentially leading to additional charges and billions of dollars in further fines.