Treasury Demands Binance Follow Compliance Pact: Report

TLDR

• The US Treasury Department reportedly sent a private letter urging Binance to comply with its 2023 monitoring agreement.
• The 2023 settlement required Binance to follow a three-year oversight program under federal supervision.
• Reports claimed that $1 billion moved through Binance to entities tied to Iran.
• A group of US senators asked Treasury Secretary Scott Bessent for an update on Binance’s compliance.
• Binance said it is cooperating fully with the independent monitor and relevant US agencies.

US officials have pressed Binance to follow a monitoring agreement tied to its 2023 settlement, according to a new report. The request followed claims that $1 billion moved through the exchange to Iran-linked entities. The development places Binance under renewed federal scrutiny as lawmakers seek answers.

Treasury Pushes Binance Over 2023 Compliance Terms

The Information reported that the US Treasury Department sent a private letter to Binance. The letter demanded compliance with a monitoring program established in 2023. Authorities required the program under a $4.3 billion settlement with federal agencies.

Binance reached that agreement with the Treasury Department and the Department of Justice in 2023. The deal required a three-year oversight program supervised by government officials. Officials now seek confirmation that Binance continues to meet those obligations.

Reports also claimed Binance dismissed staff who warned executives about Iran-linked transfers. Those reports alleged that $1 billion flowed through the platform. Afterward, a group of US senators urged Treasury Secretary Scott Bessent to provide an update.

The senators asked whether Binance complies with the terms of its settlement. They requested a formal report from the Treasury Department. The inquiry followed public reporting about internal actions at the exchange.

A Binance spokesperson responded to Cointelegraph regarding the claims. The spokesperson said, “Binance is committed to cooperating with the independent monitor.” The company also pledged ongoing collaboration with relevant agencies.

The spokesperson added, “We welcome constructive feedback from the Treasury.” The company said it views oversight as part of strengthening compliance controls. Binance stated that it provides full cooperation and transparency to the monitor.

Political Links and Zhao’s Public Remarks

Scrutiny has also touched on Binance’s reported connections to US political figures. A United Arab Emirates-based entity invested $2 billion in the exchange. The investment used the USD1 stablecoin issued by World Liberty Financial.

World Liberty Financial lists US President Donald Trump and his sons as co-founders. That connection has drawn attention from lawmakers. However, Binance has not publicly linked the investment to political influence.

Former Binance CEO Changpeng Zhao also remains in focus. Trump pardoned Zhao in October 2025. Zhao had pleaded guilty to one felony charge in 2023.

Zhao admitted he failed to maintain an effective anti-money laundering program. He entered that plea as part of the broader $4.3 billion settlement. He resigned as Binance CEO in November 2023.

Zhao spoke on Thursday at the Consensus conference in Miami. He said he had been “trying to avoid the US.” He also raised the idea of revitalizing Binance.US.

Zhao suggested that Binance.US could offer access to global liquidity. However, he rejected returning to a leadership role. He said, “I don’t think I’ve got the stamina to run another startup.”

He added, “I’m a one-trick pony.” He concluded, “I’m done.” His remarks coincided with the report about Treasury’s private demand.

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