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According to a report by The Information, the US Treasury Department has sent a formal letter to the cryptocurrency exchange Binance, demanding full compliance with a government oversight program. This request comes after reports that over $1 billion in cryptocurrency flowed through Binance to entities linked to Iran.
In a letter sent by Gene Lange, who oversees the Treasury Department’s Office of Terrorism and Financial Intelligence, Binance was reminded of its obligation to share data records and documents in a timely manner. The letter was reportedly prepared based on concerns raised by an independent auditor regarding certain Binance activities.
Authorities also requested that Binance have certain senior executives available for interviews. Names that emerged in this context include the company’s head of compliance, Noah Perlman, head of global sanctions, Astra Cai, and Jukai “Rock” He. It was also reported that the Treasury Department requested information and documents relating to former employees.
This development follows reports earlier this year by some media outlets that researchers working within Binance had identified cryptocurrency flows exceeding $1 billion to Iranian-linked entities. The reports also alleged that Binance had fired some of the internal investigative staff who uncovered these findings.
Some Democratic politicians had previously publicly called for an investigation into these activities. However, the latest letter is seen as the first publicly disclosed harsh action by the Donald Trump administration against Binance.
On the other hand, it has been reported that behind the scenes, meetings have been taking place between the Treasury Department and Binance executives for months. Binance co-CEOs Yi He and Richard Teng, along with the company’s legal director Eleanor Hughes, reportedly attended a meeting in Washington in March.
*This is not investment advice.