US Justice Department Reviews Binance Compliance With 2023 Settlement

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

Tyson Duba, head of the Justice Department's criminal division, said in an interview that officials are examining whether Binance is meeting the settlement's conditions. He did not provide details or say the exchange had violated the agreement.

Under the 2023 settlement, Binance agreed to pay a $4.3 billion fine, plead guilty to violating banking laws and accept tighter internal controls. The probe is focused on whether the platform failed to block Iran-linked transactions, potentially violating U.S. sanctions on Iran.

Last month, the U.S. Attorney's Office for the Southern District of New York sought forfeiture of $61 million it said was laundered through Binance from Iranian black-market oil sales. Duba said that investigation is ongoing and that his division is involved. He declined to discuss the facts of the case or the status of the probe.

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

Under the settlement, Binance is required to report to the government any evidence or allegations that could amount to violations of federal laws tied to money laundering, banking transactions or sanctions. If the company is found to have breached the agreement, the criminal case resolved by the settlement could be reopened, with possible additional charges and further fines worth billions of dollars.