Eleven U.S. senators have asked federal authorities to open a review of crypto exchange Binance’s adherence to U.S. sanctions and anti‑money‑laundering (AML) rules, citing recent investigative reports. In a letter sent Friday to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi, the lawmakers requested a “prompt, comprehensive review” of Binance’s compliance controls and of the settlement agreements the company reached in 2023.
The senators referenced allegations that roughly $1.7 billion in digital assets routed through Binance ended up with Iranian entities tied to terrorism, including groups associated with the Houthis and the Islamic Revolutionary Guard Corps. Investigators reportedly found more than 1,500 accounts accessed by users in Iran and flagged possible activity related to evasion of Russian sanctions.
Officials who signed the letter said some Binance compliance staff who raised red flags about suspicious transactions were later dismissed. They also said law enforcement agencies have seen the exchange become less cooperative in supplying customer information. The senators expressed concern that newer Binance offerings — such as payment cards launched in parts of the former Soviet Union and partnerships tied to stablecoin projects — could create additional avenues for sanctions evasion. They asked the Treasury and Justice Department to report back by March 13 on any steps taken to examine Binance’s conduct.
Separately, Senator Richard Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, has opened a congressional inquiry and sent a document request to Binance CEO Richard Teng seeking internal records related to the exchange’s sanctions controls.
Binance has disputed the reports. In a statement to Cointelegraph, the company said it identifies and reports suspicious activity to authorities, does not permit Iranian users, and that recent media coverage misrepresented its operations. Binance has denied processing more than $1 billion in Iran‑linked transfers and denied firing investigators over the matter. CEO Richard Teng has criticized a Wall Street Journal report that alleged $1.7 billion in Iran‑related activity, calling the story defamatory and seeking a retraction.
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