The Manhattan US Attorney's Office and the Department of Justice criminal division in Washington are examining whether Binance failed to stop trading that violated US sanctions on Iran. Federal prosecutors are focusing on the crypto exchange's compliance controls to determine if the company knowingly allowed certain transactions to proceed on its platform.

Binance pleaded guilty in 2023 to charges including unlicensed money transmission, anti-money laundering violations, and sanctions breaches. The company agreed to a payment of $4.3 billion to resolve those previous allegations.