Bitcoin · Iran · Federal Reserve (FED) · Bitcoin Magazine
Feds Probing Binance Over Iran’s Bitcoin Deploy: Report
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◎ Multiple-sources
Feds are trying to work out whether Binance violated US sanctions on Iran.
Key facts
- It exited the U.S. market and agreed to pay $4.3 billion
- It comes after the U.S. Department of Justice last week said it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil
- And last week, the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast, the Trump Administration’s whole-of-government economic campaign against the Islamic
- The Financial Times this month reported that the Middle Eastern country was using bitcoin to settle cross-border transactions through Iranian crypto exchanges after the central bank advised
Summary
Federal prosecutors, including the U.S. Department of Justice, are investigating whether Binance has allowed Iran to dodge sanctions by using its platform, according to a report from Bloomberg. The outlet, citing people familiar with the matter, reported Tuesday that feds were investigating whether Binance Holdings Ltd., which operates the world’s biggest crypto exchange, knowingly allowed Iran-linked entities to trade. It comes after the U.S. Department of Justice last week said it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil. Iran has been using bitcoin, and other cryptocurrencies, to skirt around U.S. sanctions.