The U.S. Department of Justice is reviewing Binance’s adherence to the terms of its 2023 criminal settlement while investigating potential sanctions-related activity on the platform involving Iran. The review centers on whether the world’s largest cryptocurrency exchange maintained required anti-money-laundering and sanctions controls after agreeing to pay roughly $4.3 billion and accept enhanced oversight.

Tysen Duva, head of the Justice Department’s Criminal Division, confirmed that officials are examining the company’s compliance with the 2023 agreement. He declined to provide specifics and did not state that Binance had breached the settlement. No wrongdoing has been alleged against the exchange or its employees in connection with the current matters.

Background on the 2023 Settlement

In November 2023, Binance pleaded guilty to violations of U.S. banking rules, failures in its anti-money-laundering program, and sanctions-related offenses. The company agreed to pay more than $4.3 billion in combined forfeitures and penalties. As part of the resolution, Binance accepted a multi-year compliance monitorship and committed to stronger internal controls, including real-time transaction monitoring and improved sanctions screening.

The settlement required the exchange to report evidence or allegations of misconduct involving money laundering, banking laws, or sanctions violations. The current review assesses whether post-settlement conduct met those obligations.

Forfeiture Case Involving Iranian Oil Proceeds

In September 2026, the U.S. Attorney’s Office for the Southern District of New York filed a civil forfeiture action seeking approximately $61 million in cryptocurrency. Prosecutors allege the funds represent proceeds from black-market sales of Iranian oil that were laundered through Binance accounts held by two Hong Kong-based entities, Blessed Trust Limited and Hexa Whale Trading Limited.

According to the complaint, the broader network moved more than $1.5 billion. The filing does not accuse Binance of wrongdoing. Binance has stated that it investigated the companies after receiving law-enforcement inquiries, offboarded Hexa Whale in August 2025 and Blessed Trust in January 2026, and found no direct transactions between any of its accounts and Iran-based entities.

Binance has also said its internal review determined that at most $126.1 million reached wallets linked to Iran, including up to $24.1 million associated with wallets connected to Iran’s Islamic Revolutionary Guard Corps.

High-Value Customer Linked to Sanctioned Iranian Network

Separate reporting has described scrutiny of a Binance customer designated as high-value, a status that typically brings lower fees and dedicated service. The customer was linked to a cryptocurrency firm operated by Iranian financier Babak Zanjani, who has been designated under U.S. sanctions authorities. Accounts associated with the customer showed transactions involving an Iranian money changer and repeated access from Tehran.

Binance has said it blocked the relevant accounts in late 2025 and removed the final account in May 2026. Senior internal approval was required before the accounts could be closed. The customer’s identity, the precise value of related activity, and whether the matter resulted in charges have not been publicly detailed. Reports have separately noted that accounts tied to Zanjani processed hundreds of millions of dollars through the exchange.

Potential Consequences and Official Positions

If the Justice Department determines that Binance breached the 2023 settlement, the company could face additional monetary penalties, extended or intensified compliance monitoring, or renewed criminal proceedings. Historical cases involving other companies that violated deferred-prosecution or similar agreements have produced outcomes ranging from further fines and longer monitorships to new negotiated resolutions. Because Binance already entered a guilty plea, the procedural path differs from deferred-prosecution agreements used in some earlier matters.

Duva has described the broader relationship between the Justice Department and crypto firms in constructive terms, noting efforts to encourage self-reporting and cooperation. Binance has stated that it maintains zero tolerance for sanctions violations, continues to strengthen its controls, and remains committed to cooperating with law-enforcement authorities.

The review is being conducted jointly by Manhattan federal prosecutors and the Criminal Division in Washington. Officials have not indicated a timeline for any determination, and inquiries of this type can conclude without charges or further enforcement action.