The US Department of the Treasury has reportedly urged Binance to adhere to a compliance program established under a 2023 settlement, amid allegations that the exchange facilitated $1 billion in transactions associated with Iran. Following this revelation, a letter was sent to Binance emphasizing the importance of meeting the obligations outlined in the deal, which also involved a significant $4.3 billion settlement with the US Department of Justice.
In light of these developments, Binance has terminated staff who had informed executives about the transactions. A group of senators has since called on Treasury Secretary Scott Bessent for an update regarding Binance's compliance with the settlement conditions. A spokesperson for Binance stated that the exchange is committed to fully cooperating with the independent monitor and values feedback from the Treasury as part of its efforts to enhance compliance and anti-money laundering measures.
Binance's relationship with the Trump administration has been scrutinized, particularly after a UAE-based entity invested $2 billion into the exchange. This investment utilized the USD1 stablecoin from World Liberty Financial, a company co-founded by Donald Trump and his sons. Additionally, former Binance CEO Changpeng Zhao received a pardon from Trump in October 2025.