U.S. Treasury Demands Binance Data on $1B Iran Crypto Flows

The U.S. Treasury Department has contacted Binance, the world's largest cryptocurrency exchange, demanding cooperation with its ongoing compliance monitoring program following reports of more than $1 billion in cryptocurrency transactions linked to Iranian entities moving through the platform in 2024 and 2025.

Treasury Under Secretary for Terrorism and Financial Intelligence Gene L. Lange sent a letter to Binance reminding the company of its obligations under a 2023 settlement with U.S. authorities, according to people familiar with the matter. The letter requested records, documents, and other data related to the monitorship. Binance pleaded guilty that November to violations of anti-money laundering laws and sanctions regulations, agreeing to pay $4.3 billion in penalties and submit to independent oversight for up to five years. The Justice Department appointed Frances McLeod of Forensic Risk Alliance as a monitor for three years, while the Treasury's Financial Crimes Enforcement Network selected Sharon Cohen Levin of Sullivan & Cromwell for five years.

The outreach follows internal Binance investigations that identified over 1,500 accounts accessed from Iran and traced...