Binance USD

European Union regulators have questioned Binance over its continued service to customers within the bloc despite failing to secure authorization under the Markets in Crypto-Assets regime. The scrutiny marks a major test for the novel regulatory framework, which governs crypto-asset service providers across the union. Binance has come under fire from EU authorities for operating without the required license. The outcome could set a precedent for how the regime is enforced against major exchanges.

US prosecutors are opening a new investigation into Binance, the world's largest crypto exchange, over whether it allowed transactions linked to Iran to slip through its platform. The US Attorney's Office for the Manhattan district is handling the investigation, together with the criminal division of the US Department of Justice, which is examining whether Binance's compliance team was aware of some Iran-linked trading activity and whether the exchange should have blocked it. The investigation follows a civil forfeiture complaint filed on September 14 seeking more than 61 million dollars in USDT tied to alleged proceeds from Iranian oil sales. The Justice Department said two Chinese companies, Blessed Trust and Hexa Whale, used Binance trading accounts to move funds from black-market Iranian oil sales, and prosecutors described a network of crypto addresses that allegedly received and distributed more than 1.5 billion dollars from illegal Iranian oil sales. However, prosecutors did not file the forfeiture action directly against Binance and did not accuse the exchange of wrongdoing in the complaint. Binance CEO Richard Teng said the company has a zero-tolerance policy toward sanctions violations and will continue to cooperate with law enforcement. The timing recalls the 2023 sanctions case in which Binance pleaded guilty and agreed to pay 4.3 billion dollars in financial penalties, while founder Changpeng Zhao pleaded guilty separately.

The U.S. Department of Justice said on Sept. 14 that it had moved to seize about $61 million in crypto funds tied to Iranian oil sales subject to sanctions, alleging that two China-based companies laundered the proceeds through trading accounts at Binance. Binance is not presently named as a defendant in the case, the complaint's claims are allegations for now, and the exchange denied any wrongdoing when it received earlier reports about the two companies. In February, a Senate subcommittee requested the exchange's records on the same two businesses, saying Binance appeared to have ignored warnings about Iranian money laundering schemes on its platform. The scrutiny adds to the exchange's history: in 2023, Binance pleaded guilty to anti-money laundering and sanctions violations and agreed to pay $4.3 billion in penalties. Binance reported $11.4 trillion in trading volume in the first half of 2026 and 323 million registered users as of July, and BNB, the native coin of BNB Chain, remains the fourth-largest cryptocurrency.

India has taken strict measures by issuing warnings to 15 foreign cryptocurrency exchanges that are illegally offering services to the public in the country. The Financial Intelligence Unit of India (FIU-IND) has sent notices to these platforms, including Binance, Weex, WhiteBIT, and WOO X, citing their failure to comply with the country's anti-money laundering (AML) laws and virtual digital asset (VDA) requirements. This action is part of the government's efforts to regulate the growing crypto market and protect domestic investors from potential risks.

Bloomberg reported on September 4 that major cryptocurrency exchange Binance is continuing to provide services to some customers in the European Union (EU) without authorization. The company interprets the "reverse solicitation" exemption under the EU's crypto asset regulation MiCA as allowing it to accept new customers who proactively seek its services, with some EU customer transactions being processed through a legal entity in Abu Dhabi, United Arab Emirates (UAE). However, the European Securities and Markets Authority (ESMA) has stated that the exemption strictly requires customer initiative, and would not apply if there is any solicitation. The MiCA transitional period ended on July 1, and ESMA had called on unauthorized firms to stop accepting new customers in a statement on June 23. According to Bloomberg, ESMA recently contacted Binance to verify the appropriateness of its reduced EU operations. Binance has explained its regulatory compliance in a statement and said it is actively working to obtain MiCA authorization. Notably, the company withdrew its MiCA application in Greece on June 24 and has indicated plans to seek authorization in another EU member state.

The New York Times reported that two employees of major cryptocurrency exchange Binance were detained in the United Arab Emirates over the past few weeks. According to four sources familiar with the matter, the two were detained at a UAE airport as part of an investigation by UAE police into suspected financial crimes. Binance told Reuters that a small number of employees were questioned as part of routine inquiries into third-party fund flows through customer accounts, and said the employees were not targets of the investigation and were released after being cleared of suspicion. The company commented that it is cooperating constructively with Dubai police authorities and others.

Cryptocurrency exchange Binance has reportedly provided customer data to Russian investigative authorities, which was used as evidence in a terrorism financing case involving donations to Ukraine-related organizations. According to Reuters, investigators used transaction history, date of birth, address, phone number, passport information, and a Bulgarian residence permit provided by Binance in criminal proceedings against Russian IT specialist Yuri Belenky, who was detained in September 2025. Binance had announced a full withdrawal from its Russian business in September 2023, but it is said to have maintained a channel through which Russian law enforcement could request information even after the exit. Because Belenky held a Bulgarian residence permit, issues under the EU General Data Protection Regulation have also been raised. Binance is reportedly preparing to return to the UK market, and applications for authorization under the Financial Conduct Authority's new crypto asset regulations are scheduled to open on September 30, 2026.

Three Binance-linked companies have sued three co-founders of crypto payment firm RedotPay in Hong Kong, seeking 472.8 million dollars, or approximately 747 billion yen, in damages, Bloomberg reported. Binance alleges that RedotPay breached their partnership agreement and improperly steered over 470,000 Binance Card users toward its own stablecoin payment card. It also claims that RedotPay allowed users to top up RedotPay cards with Binance Pay funds beyond the scope permitted by the contract, and that from March 2026 onward, funds were used for prohibited top-ups without proper segregation. Binance further asserts that through the partnership, RedotPay received approximately 304 million dollars in user funds from Binance Pay, though these remain allegations and the court has yet to rule. The partnership began in November 2023 but ended in less than six months amid suspected misuse of funds, and a new agreement including fund segregation arrangements was signed in March 2025. Separately from the Hong Kong lawsuit, Binance affiliate Chaintex has also sued a RedotPay affiliate in Singapore, with a hearing scheduled for August 7. RedotPay has stated it intends to contest the legal proceedings and said the lawsuits will not affect its day-to-day operations.

Binance has withdrawn its application for a MiCA license in Greece, putting its ability to operate across the European Union at risk when the new crypto regulations take effect on July 1. The world's largest cryptocurrency exchange had been seeking a single license from one EU regulator, which would have allowed it to passport services across all 27 EU and 30 EEA countries. Co-CEO Richard Teng stated that a license will be obtained in the coming months, but not by the July 1 deadline, and assured users that funds remain safe. The withdrawal comes as only about 200 of over 3,000 applicants are expected to receive MiCA licenses, with just 14 able to run a trading platform. Binance faces a tight timeline to secure approval from another regulator, while competitors like OKX, Kraken, and Coinbase have already obtained their licenses.

Binance has officially withdrawn its application for registration with Greece's Hellenic Capital Market Commission. The world's largest cryptocurrency exchange announced the decision as the transitional period for the new European MiCA rules ends on July 1.

Binance intends to remain in the European Union and will make a fresh push for permission to operate there, a senior executive told Reuters, after its application under a new licence regime failed. Gillian Lynch, head of Europe and the United Kingdom, said the company may pursue a different pathway to authorisation and is looking at alternatives if Greece does not grant a licence. The company has one week to secure a licence before its current permission to operate in Europe expires, which would require it to wind down EU operations. Two people with knowledge of the process said Binance held talks with regulators in Ireland, Latvia and Greece but faced resistance in all three countries, with officials concerned about past money-laundering penalties, its complex international structure and a risk-taking culture. Lynch said Binance had invested in compliance and internal controls, employed about 1,500 compliance staff, and had no outstanding issues related to its application.