A group of Democratic senators announced they will oversee a reported Justice Department investigation into potential Iran-related sanctions violations by the cryptocurrency exchange Binance.
Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego stated they will conduct oversight to ensure the Department of Justice conducts a serious investigation into Binance and holds the company accountable for any wrongdoing.
The Wall Street Journal reported that the Justice Department is investigating Iran’s possible use of Binance to evade sanctions. The senators expressed concerns that the firm may be violating US sanctions laws, potentially aiding activities of groups connected to Iran.
Binance has previously stated it is not aware of any investigations but is collaborating with regulators and law enforcement. Last month, the senators had requested investigations into Binance over concerns about Iran-linked fund movements.
Previously, Binance sued The Wall Street Journal over a report alleging the exchange fired staff who flagged $1 billion in crypto tied to sanctioned Iranian entities. Binance denied the report's claims.
In November 2023, Binance pleaded guilty to violating US anti-money-laundering and sanctions laws, paying a $4.3 billion fine and agreeing to US oversight. Former CEO Changpeng Zhao also pleaded guilty and received a four-month jail sentence.