US Treasury Presses Binance Over Compliance Monitoring Agreement

US Treasury officials have reportedly pushed Binance to fully comply with the monitoring requirements established under its 2023 settlement agreement with American authorities. The renewed pressure follows reports claiming that roughly $1 billion in transactions linked to Iranian entities moved through the crypto exchange.

Under the 2023 agreement, Binance accepted a $4.3 billion settlement with the US Department of Justice and Treasury Department. The deal also required the exchange to operate under a three-year independent compliance monitoring program focused on anti-money laundering controls and regulatory oversight.

Binance Responds to Treasury Compliance Concerns

Binance said it continues cooperating with regulators and the independent monitor overseeing the settlement conditions. The company stated that it views the oversight process as part of strengthening transparency and anti-money laundering standards across its platform.

The latest developments have also renewed attention on Binance’s relationship with US political and financial circles. The scrutiny intensified after a UAE-based firm reportedly invested $2 billion into the exchange using the USD1 stablecoin connected to a crypto venture backed by Donald Trump and his family.

Former Binance CEO Changpeng Zhao also recently said he does not plan to lead another crypto company after stepping down in 2023.