Democrats Promise to Oversee Reported DOJ Probe Into Binance

Democratic Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego have pledged to oversee a Justice Department investigation into Binance, focusing on potential violations of US sanctions related to Iran. The senators stated that Binance has a history of prioritizing profits over legal compliance and expressed concerns that the exchange may be facilitating funding for terrorist groups linked to Iran. This action follows a Wall Street Journal report detailing Binance’s alleged failure to investigate and report $1 billion in cryptocurrency transactions connected to sanctioned Iranian entities. Binance is currently suing the Wall Street Journal for defamation regarding this report. The company previously pleaded guilty in November 2023 to violating anti-money-laundering and sanctions laws, resulting in a $4.3 billion fine and increased US oversight. Former CEO Changpeng Zhao also pleaded guilty and was sentenced to jail, later receiving a pardon from President Trump.

(Source：Cointelegraph)