Binance received a letter from the US Treasury Department seeking employee interviews and records tied to potential sanctions violations, adding new pressure to the world’s largest crypto exchange as it remains under a US appointed monitor.
The Treasury letter, dated April 19, followed reports alleging that Iran linked funds moved through Binance, according to Bloomberg. Binance said Thursday that it is committed to cooperating with its independent monitor and relevant agencies, adding that it is providing full cooperation and transparency.
The Information first reported the Treasury letter, saying the department demanded Binance comply with its monitoring program after reports that more than $1 billion in Iran linked crypto flowed through the exchange.
The request comes after Senator Richard Blumenthal opened an inquiry into Binance’s compliance obligations in April. In a letter to the DOJ and Treasury, Blumenthal cited early 2026 reports alleging Binance had facilitated billions of dollars of sanctions evasion for Iran linked entities and asked for details on the status of the exchange’s compliance monitorship.
The Wall Street Journal reported in March that the Justice Department was investigating Iran’s use of Binance to evade US sanctions after the exchange dismantled an internal probe.
Binance’s current oversight stems from its 2023 settlement with US authorities. The company pleaded guilty to charges tied to anti-money laundering and sanctions violations and agreed to pay about $4.3 billion in penalties. Founder Changpeng Zhao also pleaded guilty, stepped down as CEO, paid a $50 million fine, and later served four months in prison.
The settlement also placed Binance under independent monitors. The Justice Department appointed Forensic Risk Alliance’s Frances McLeod for a three-year term, while Treasury’s FinCEN selected Sullivan & Cromwell’s Sharon Cohen Levin for a five-year term to oversee compliance improvements.
The renewed scrutiny comes as Binance has seen turnover among senior compliance staff. Bloomberg reported in April that Chief Compliance Officer Noah Perlman had discussed leaving the company in 2026 or 2027, while Binance said he had no exit date, no identified successor, and remained committed to the work ahead.
