Binance, the world's largest cryptocurrency exchange, now finds itself under the scrutiny of US authorities over allegations that it may have processed transactions tied to Iran, in potential violation of American sanctions law. The investigation arrives at a pivotal moment — one in which the long-standing ambiguity surrounding digital asset platforms and their regulatory obligations is being pressed toward resolution. At its core, this is a story about whether the borderless architecture of cryptocurrency can coexist with the sovereign reach of economic enforcement, and who bears responsibili