11 U.S. senators request federal agencies to investigate Binance's compliance with sanctions

Eleven U.S. senators have sent a letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi, requesting a comprehensive review of Binance's compliance with U.S. sanctions and anti-money laundering requirements, as well as an assessment of its adherence to the 2023 settlement agreement.

The letter cites reports indicating that approximately $1.7 billion in digital assets flowed through Binance to entities linked to Iranian terrorism, 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 evading sanctions against Russia. The letter further notes that some compliance personnel at Binance who identified suspicious transactions were subsequently dismissed, and law enforcement agencies have 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, expressing concerns about Binance's payment card launched in the former Soviet region and its partnerships related to stablecoins, believing these products could be used to evade sanctions. The senators have requested that the relevant agencies report on the review's progress 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 denies the allegations, stating that it has identified and reported suspicious activities to authorities and does not allow Iranian users to access its platform.