Eleven U.S. senators have sent a letter to the Treasury and Justice Departments requesting a federal investigation into Binance’s sanctions compliance. Lawmakers cited reports suggesting the exchange may have violated U.S. sanctions and anti-money-laundering regulations, urging a full review. Allegations include about $1.7 billion in digital assets flowing through Binance to entities linked to Iran, the Houthis, and the Islamic Revolutionary Guard Corps.
Investigators found more than 1,500 accounts used by Iranian users and potential activity indicating Russian sanctions circumvention. The letter states that compliance staff who identified suspicious transactions were dismissed, and law enforcement authorities indicated Binance’s cooperation in providing customer information had decreased. Lawmakers also raised concerns about newly launched payment cards and stablecoin partnerships that could be used to circumvent sanctions. A Binance spokesperson denied the allegations, stating that Binance reports suspicious activity to authorities, does not allow Iranian users, and that recent media reports were inaccurate.
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