The Treasury Department reminded Binance to share data and documents with its independent monitor following allegations that more than $1 billion flowed through the exchange to Iran-linked entities.
Posted May 8, 2026 at 5:22 am EST.
The U.S. Treasury Department has privately demanded that Binance follow the compliance monitoring program it agreed to as part of its 2023 guilty plea, The Information reported Thursday. The directive marks a sharp shift from the lighter posture regulators had shown the world’s largest exchange in recent months.
Treasury Under Secretary for Terrorism and Financial Intelligence Gene Lange sent a letter to Binance “in the past few weeks” reminding the exchange of its obligation to cooperate fully with the monitoring program “by sharing relevant information, such as critical data records and documents, in a timely manner,” according to the report.
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The pressure follows months of allegations that more than $1 billion moved through Binance to Iran-linked wallets between March 2024 and August 2025, according to internal compliance records first surfaced by Fortune in February. Binance has disputed the reports, denying that it fired internal investigators after they raised concerns about Iranian flows. CEO Richard Teng said no sanctions violations were found.
Binance pleaded guilty in November 2023 to sanctions and anti-money-laundering violations, paid $4.3 billion in penalties, and accepted two independent monitors reporting separately to the Justice Department and FinCEN. Founder Changpeng Zhao served four months in prison and received a presidential pardon from Donald Trump in October 2025. Zhao had been in talks with the DOJ to end the monitor early as recently as last September.
The renewed Treasury pressure lands amid “Operation Economic Fury,” a U.S. initiative launched in April to disrupt Iran’s financial networks. Treasury has sanctioned crypto wallets allegedly linked to the Islamic Revolutionary Guard Corps and Iran’s central bank, and coordinated with Tether to freeze roughly $344 million in USDT on the Tron network. Chainalysis estimates Iran generated approximately $7.78 billion in crypto activity during 2025, with IRGC-linked wallets receiving more than $3 billion.
A Binance spokesperson said the company is “committed to cooperating with the independent monitor” and “welcomes constructive feedback from the Treasury.” BNB, the exchange’s native token, fell to about $641 on the news, leaving the asset roughly 53% below its October 2025 all-time high of $1,370.
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