U.S. Justice Department launches new compliance review of Binance, focusing on whether it violated its U.S. sanctions settlement
Oct. 10 — According to Bloomberg, the U.S. Department of Justice (DOJ) is reviewing whether Binance has complied with the settlement it reached with U.S. authorities in 2023, with a particular focus on whether it engaged in transactions that violated U.S. sanctions on Iran.
The review is being led by the U.S. Attorney’s Office for the Southern District of New York and the DOJ’s Criminal Division. Its scope includes a Hong Kong entity accused of using the Binance platform to help transfer funds related to Iranian oil sales.
The Manhattan U.S. Attorney’s Office has previously initiated civil forfeiture proceedings involving the funds, alleging that some came from black-market Iranian oil sales and were transferred through Binance.
The current review is also expected to focus on whether Binance allowed Iran-related funds to flow through its platform despite systems that should have blocked the transactions.
It is worth noting, however, that DOJ officials have not yet confirmed that Binance violated the settlement, nor have they disclosed any specific details of the investigation. Based on past practice, such investigations may conclude without criminal charges being filed, but the final outcome remains to be seen.
Public records show that Binance pleaded guilty in 2023 to related violations, paid $4.3 billion in penalties and forfeitures, and agreed to compliance monitoring. Its former CEO, Changpeng Zhao, also pleaded guilty at the time and stepped down as CEO.
In response to the latest review, Binance reiterated that it has zero tolerance for any violations of sanctions and consistently enforces strict compliance requirements, adding that it is fully committed to cooperating with law enforcement agencies.
Overall, the 2023 settlement has become the benchmark for this review, and Binance’s compliance record since then will directly affect the course of the investigation.
#合规审查
Oct. 10 — According to Bloomberg, the U.S. Department of Justice (DOJ) is reviewing whether Binance has complied with the settlement it reached with U.S. authorities in 2023, with a particular focus on whether it engaged in transactions that violated U.S. sanctions on Iran.
The review is being led by the U.S. Attorney’s Office for the Southern District of New York and the DOJ’s Criminal Division. Its scope includes a Hong Kong entity accused of using the Binance platform to help transfer funds related to Iranian oil sales.
The Manhattan U.S. Attorney’s Office has previously initiated civil forfeiture proceedings involving the funds, alleging that some came from black-market Iranian oil sales and were transferred through Binance.
The current review is also expected to focus on whether Binance allowed Iran-related funds to flow through its platform despite systems that should have blocked the transactions.
It is worth noting, however, that DOJ officials have not yet confirmed that Binance violated the settlement, nor have they disclosed any specific details of the investigation. Based on past practice, such investigations may conclude without criminal charges being filed, but the final outcome remains to be seen.
Public records show that Binance pleaded guilty in 2023 to related violations, paid $4.3 billion in penalties and forfeitures, and agreed to compliance monitoring. Its former CEO, Changpeng Zhao, also pleaded guilty at the time and stepped down as CEO.
In response to the latest review, Binance reiterated that it has zero tolerance for any violations of sanctions and consistently enforces strict compliance requirements, adding that it is fully committed to cooperating with law enforcement agencies.
Overall, the 2023 settlement has become the benchmark for this review, and Binance’s compliance record since then will directly affect the course of the investigation.
#合规审查