Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations

Eleven Democrats on the Senate Banking Committee, led by Senator Mark Warner and Ranking Member Elizabeth Warren, sent a letter to Attorney General Pam Bondi and Treasury Secretary Scott Bessent demanding a comprehensive review of Binance's sanctions compliance. The request follows media reports alleging billions in digital assets flowed through Binance to Iranian entities, including groups linked to terrorism, potentially violating the exchange's 2023 federal settlement where it pleaded guilty to sanctions violations and agreed to major reforms.

The senators cited evidence that Binance compliance staff uncovered $1.7 billion routed to sanctioned Iranian entities, including the Houthis and the Islamic Revolutionary Guard Corps, and noted that employees who identified this activity were allegedly dismissed. Furthermore, the letter raised concerns regarding Binance's business relationships with President Donald Trump's family crypto ventures, such as the promotion of the USD1 stablecoin, and referenced Trump's pardon of former Binance founder Changpeng Zhao.

Beyond Iran, the lawmakers expressed worry over Binance's expansion into former Soviet Union regions, suggesting potential risks for sanctions evasion related to Russia. Binance disputed the allegations, asserting it detected and reported suspicious activity and remains committed to its regulatory obligations.

(Source：Bitcoin Magazine)