11 U.S. Senators Call for Federal Agencies to Investigate Binance's Sanctions Compliance

Odaily News Eleven U.S. senators have sent a letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi, demanding a comprehensive review of whether Binance complies with U.S. sanctions and anti-money laundering requirements, and an assessment of its implementation of the 2023 settlement agreement.

The letter cites reports stating that approximately $1.7 billion in digital assets flowed through Binance to entities linked to terrorism in Iran, including organizations associated with the Houthis and the Islamic Revolutionary Guard Corps. Investigators also found that over 1,500 accounts were accessed by Iranian users, along with potential activities related to circumventing Russian sanctions. The letter further points out that some Binance compliance personnel who identified suspicious transactions were subsequently dismissed, and law enforcement agencies indicated that Binance's cooperation in providing customer information has declined.

Senators Chris Van Hollen, Ruben Gallego, and nine other senators co-signed the letter. They also expressed concerns about Binance's payment card launched in the former Soviet region and its stablecoin-related partnership projects, suggesting these products could potentially be used to evade sanctions. The senators requested the relevant agencies to report on the progress of the review by March 13.

Additionally, Senator Richard Blumenthal initiated a congressional investigation into Binance this Tuesday, requesting relevant documents and internal records from Binance CEO Richard Teng. Binance has denied the allegations, stating that it has identified and reported suspicious activities to authorities and does not allow Iranian users on its platform. (Cointelegraph)