The U.S. Department of Justice has begun investigating whether Binance violated the terms of its $4.3 billion settlement with the U.S. government reached in 2023, according to reports as of October 10. The inquiry focuses on concerns that the crypto exchange may have processed transactions linked to Iran and its sanctioned oil trade.
In 2023, Binance agreed to pay $4.3 billion to settle a criminal investigation into violations of U.S. banking laws and failures in its anti-money laundering program. The exchange pleaded guilty to these charges, and founder Changpeng Zhao also pleaded guilty to failing to maintain an effective anti-money laundering system, serving four months in prison.
As part of the settlement, Binance committed to strengthening its compliance controls and cooperating with U.S. authorities. The current DOJ review is examining whether the exchange fulfilled these obligations, particularly regarding suspicious transactions potentially linked to Iran.
The investigation carries significance because the U.S. maintains extensive sanctions on Iran, restricting financial activities involving sanctioned individuals, entities, and prohibited trade. Authorities are examining whether transactions connected to Iranian networks and black-market oil sales moved through the Binance platform and whether the exchange adequately monitored and reported suspicious activity.
In September 2026, U.S. prosecutors sought the forfeiture of $61 million allegedly generated from Iranian black-market oil sales. Reports have also indicated that accounts linked to Iranian financier Babak Zanjani processed approximately $850 million through Binance, while suspicious trading by a VIP customer drew scrutiny from U.S. and Swiss authorities.
DOJ Criminal Division head Tysen Duva confirmed the ongoing investigation but stated that authorities are focusing on building a positive relationship with crypto and technology companies.
Should Binance be found to have breached the 2023 settlement, potential consequences could include additional fines, stricter compliance requirements, or fresh criminal proceedings. However, a breach would not automatically result in another $4.3 billion penalty. The outcome would depend on evidence, settlement terms, and applicable law.
