Update (May 7, 9:47 PM UTC): This article has been updated to include a statement from Binance.
Following reports that Binance gave $1 billion in aid to companies with ties to Iran, the U.S. Treasury Department reportedly required Binance to comply with a monitoring program put in place by a 2023 agreement between authorities and the cryptocurrency exchange.
The Information reported on Thursday that the Treasury Department has “informally asked” Binance to comply with a surveillance program it agreed to after reaching an agreement with U.S. authorities in 2023. The deal, which included a $4.3 billion settlement with the Treasury Department and the U.S. Department of Justice, required Binance to submit to a three-year monitoring program overseen by government authorities.
The letter from the Treasury Department was released following reports that Binance had fired the person responsible for telling exchange executives that $1 billion was flowing through the platform to entities with ties to Iran. A group of senators followed suit, calling on Treasury Secretary Scott Bessent to report on Binance’s compliance with the 2023 settlement.
A spokesperson for the exchange told Cointelegraph in response to the report, “Binance is committed to cooperating with independent oversight bodies and continuing to cooperate with relevant institutions.” A spokesperson said:
“We welcome constructive feedback from Treasury and believe this oversight is an important part of our continued efforts to strengthen our compliance and anti-money laundering controls. We are providing full cooperation and transparency to our monitors.”
Binance’s relationship with the Trump administration has come under scrutiny since the United Arab Emirates-based company invested $2 billion in the cryptocurrency exchange using a USD 1 stablecoin issued by World Liberty Financial, which was co-founded by US President Donald Trump and his sons. President Trump also pardoned former Binance CEO Qiao Changpeng in October 2025.
Related: US authorities freeze $344 million in Iran-linked cryptocurrencies
As part of the 2023 settlement, Chao pleaded guilty to one felony count related to failing to maintain anti-money laundering systems at Binance.
Zhao Changpeng speaks at Thursday’s Consensus. Source: Cointelegraph
Zhao rules out possibility of leading another crypto company
The Information report coincided with Zhao’s attendance at a consensus conference in Miami on Thursday.
Although the former CEO said he was “trying to avoid the US,” he floated the idea of reinvigorating Binance.US to provide users with access to global liquidity. He also ruled out the idea of stepping down as CEO of Binance in November 2023 and taking a leadership role at the cryptocurrency company again.
“I don’t think I have the strength to run another startup or lead another company,” Zhao says. “I’m a one-trick pony. I’m fine at that level. I’m done.”
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