Senate Democrats are intensifying scrutiny of cryptocurrency exchange Binance, questioning its adherence to a 2023 settlement with US authorities. Eleven senators, led by Elizabeth Warren, have penned a letter to the DOJ and Treasury urging an examination of Binance's operations.
The lawmakers pointed to recent reports of illicit finance activity, including transactions allegedly linked to Iran, warning that such conduct could violate the terms of Binance's settlement, which led to the resignation of founder Changpeng Zhao (CZ).
The senators also noted Binance's business ties with Donald Trump's crypto ventures and Trump's prior pardon of Zhao. They called for a "thorough, impartial" investigation into the exchange's legal compliance.
This follows a separate inquiry launched by Senator Richard Blumenthal, who cited reports suggesting Binance may have facilitated "large-scale violations" of sanctions on Iran, despite warnings. Binance has vehemently denied these allegations, stating an internal review found "no evidence of violations of applicable sanctions laws."