Nine U.S. Senate Democrats are calling for federal investigations into the cryptocurrency exchange Binance. They have formally requested the Treasury and Justice Departments examine Binance's compliance with sanctions and its controls against illicit finance. This action follows recent news reports alleging potential funding channels to terrorist groups and claims that the company terminated compliance staff who discovered these transactions.
The senators, including Elizabeth Warren and Mark Warner, expressed grave concerns that inadequate illicit finance controls at Binance pose a significant national security threat. Their letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi also seeks information on the company's adherence to its 2023 settlement terms. The inquiry comes as U.S. lawmakers continue to debate legislation governing the crypto markets, with illicit finance prevention being a key point of discussion. The senators also referenced Binance's ties to a Trump-backed venture and the prior legal issues involving Binance founder Changpeng "CZ" Zhao.