Treasury Demands Binance Follow 2023 Monitor After Iran $1B Flow

The Treasury privately demanded that Binance demonstrate compliance with the independent three-year monitoring program established under the 2023 $4.3 billion settlement after reports that roughly $1 billion moved through the exchange to entities tied to Iran.

The 2023 agreement with U.S. authorities, including the Department of Justice and Treasury, required Binance to submit to an independent monitor overseen by government officials. As part of that settlement, former CEO Changpeng Zhao pleaded guilty to a felony charge related to failures in the company’s anti-money-laundering program and stepped down in November 2023.

Reports that employees who raised alarms about the transfers were later dismissed prompted a group of senators to press Treasury Secretary Scott Bessent for a public accounting of Binance’s adherence to the settlement and cooperation with the monitor.

Binance provided a statement saying it is cooperating with the independent monitor and with relevant agencies. The company added, “We welcome constructive feedback from the Treasury and view this oversight as an important part of continuously strengthening our compliance and anti money laundering controls.” The firm said it is providing the monitor with full cooperation and transparency.

At a conference in Miami, Zhao said he had been avoiding the United States and discussed ideas for restoring U.S. users’ access to global liquidity, including reviving Binance.US. He also told attendees he does not plan to lead another crypto company, saying he lacks the stamina to run another startup and describing himself as “a one-trick pony.”

U.S. authorities previously froze hundreds of millions of dollars in cryptocurrency tied to Iran. Questions have also arisen about a $2 billion investment in Binance by a United Arab Emirates–based entity that used the USD1 stablecoin issued by World Liberty Financial, a firm co-founded by former President Donald Trump and his sons. In October 2025, Zhao received a presidential pardon.

The monitoring arrangement requires Binance to work with the independent monitor and with government officials overseeing the monitor’s work. Senators continue to seek a public report from Secretary Bessent on whether Binance is meeting the terms of the 2023 settlement and on the company’s internal handling of the reported Iran-linked transfers.