PANews reported on May 8th that, according to The Block citing The Information, the US Treasury Department has privately requested Binance to comply with the monitoring program it agreed to in its 2023 plea agreement, following reports that over $1 billion flowed through the exchange to entities linked to Iran. The Treasury Department reportedly sent letters to Binance in recent weeks demanding it fulfill its monitoring obligations. Iran and the US have been embroiled in armed conflict for over two months. A Binance spokesperson stated that the company is committed to cooperating fully with independent monitors and relevant agencies, providing full cooperation and transparency.

In February, Fortune magazine reported that Binance had fired investigators who uncovered evidence of funds flowing into Iran. The New York Times also reported that internal investigators found over 1,500 accounts on the platform had accessed Iranian sources, and approximately $1.7 billion flowed from two Binance accounts to entities linked to Iran. Binance denied these reports, stating that no investigators were fired for raising compliance issues.