Update (May 7 at 21:47 UTC): This article has been updated to include Binance’s statement.
The U.S. Treasury Department has reportedly demanded that Binance comply with a monitoring program put in place under a 2023 agreement between authorities and the cryptocurrency exchange, following reports that the company transferred $1 billion to entities linked to Iran.
As of Thursday report via The Information The Treasury Department “privately requested” that Binance comply with a monitoring program it agreed to after reaching an agreement with U.S. authorities in 2023. The agreement, which included a $4.3 billion settlement with the Treasury and the U.S. Department of Justice, required Binance to comply with a three-year monitoring program overseen by government officials.
The reported letter from the Treasury Department follows reports that Binance fired those responsible for telling exchange executives that $1 billion had flowed through the platform to entities linked to Iran. A group of senators then followed, calling on Treasury Secretary Scott Bessent to report on Binance’s compliance with the 2023 accord.
“Binance is committed to the third-party monitor and our ongoing cooperation with the relevant agencies,” an exchange spokesperson told Cointelegraph in response to the report. A spokesman said:
“We welcome the constructive feedback from Treasury and see this oversight as an important element in the ongoing strengthening of our compliance and anti-money laundering controls. We are providing the monitor with full cooperation and transparency.”
Binance’s ties to the Trump administration have come under scrutiny since the UAE-based entity invested $2 billion in the cryptocurrency exchange using a $1 stablecoin issued by World Liberty Financial, a company co-founded by US President Donald Trump and his sons. Trump also pardoned former Binance CEO Changpeng Zhao in October 2025.
Related: US authorities freeze $344 million in cryptocurrencies linked to Iran
Zhao pleaded guilty to one felony charge related to failing to implement an anti-money laundering regime on Binance as part of a 2023 plea agreement.
Changpeng Zhao speaks at Consensus on Thursday. Source: Cointelegraph
Zhao rules out running another crypto company
The Information’s report coincided with Zhao’s Thursday speech at the Consensus conference in Miami.
The former CEO said he “tried to avoid it.” [the] US”, but floated the idea of revitalizing Binance.US to provide users with access to global liquidity. He also rejected the idea of again serving in a leadership role at the crypto company, after resigning as Binance CEO in November 2023.
“I don’t think I have the stamina to run another startup and run another company,” Zhao said. “I’m a one-trick pony. I don’t mind this level. I’ve had enough.”
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