US Senator launches investigation into Binance over alleged sanctions violations
US Senator Richard Blumenthal has initiated an investigation into the cryptocurrency exchange Binance, suspecting the company of circumventing sanctions against Iran and Russia. This inquiry is significant due to its potential impact on the global cryptocurrency market and international sanctions enforcement.
Blumenthal sent an official request to Binance CEO Richard Teng, seeking internal documents explaining transactions worth up to $2 billion linked to sanctioned Iranian entities and Russian oil tankers. The senator also questioned the reasons behind the suspension or dismissal of compliance staff who identified suspicious transactions.
Binance denies the allegations, asserting that its compliance system operates effectively, with daily activity volumes reflecting approximately 96-97% consistency over recent years. The progression of this investigation could substantially affect the company’s reputation and operations.
