Senate Democrats urge DOJ to probe Binance over Iran sanctions

Senate Democrats are urging the DOJ and Treasury to investigate Binance over alleged Iran sanctions violations and concerns about compliance with a 2023 settlement.

A group of eleven Democratic senators has urged the Department of Justice and the Treasury to formally investigate Binance, expressing concerns about the cryptocurrency exchange’s compliance with US sanctions, particularly in relation to transactions involving Iran. The senators’ letter cites media reports and internal findings suggesting that billions of dollars in digital assets may have been transferred through Binance to Iranian entities, including organizations allegedly linked to terrorism, such as the Houthis and the Islamic Revolutionary Guard Corps. Lawmakers also questioned whether Binance is upholding the terms of its 2023 federal settlement with US authorities. Additionally, the letter highlights Binance’s growing connections to cryptocurrency ventures backed by the Trump family. Binance has denied the allegations and reaffirmed its commitment to compliance. The senators are seeking a thorough review to assess whether Binance’s compliance measures are adequate to prevent violations of US law.