Overview
- Eleven Senate Democrats led by Sen. Mark Warner asked the Justice Department and Treasury for a comprehensive review of Binance’s sanctions compliance, requesting a response by March 13.
- Sen. Richard Blumenthal separately launched a Senate inquiry and gave Binance until March 6 to produce records on compliance systems, Iran-linked accounts, and the treatment of internal investigators.
- Recent media reports cited in the letters allege roughly $1.0–$1.7 billion in transactions reached Iran-linked entities in 2024–2025, including flows tied to intermediaries Hexa Whale and Blessed Trust.
- Binance denies sanctions violations, says an internal review found no evidence of wrongdoing, reports that suspicious activity was shared with law enforcement, and cites sharp reductions in sanctions exposure since 2024.
- The senators also flagged concerns outlined in reporting about the firing or sidelining of investigators, potential links to Russian sanctions evasion, and Binance’s recent ties to Trump family crypto ventures and the pardon of founder Changpeng Zhao.