Senate Letter Calls for Immediate Action
On Friday, 11 senators led by Chris Van Hollen and Ruben Gallego delivered a letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi. The lawmakers urged a prompt, comprehensive probe into Binance’s adherence to U.S. sanctions and AML requirements.
Allegations of Iran-Linked Transactions
Reports allege that approximately $1.7 billion flowed through Binance to entities linked to the IRGC and Houthi groups. Investigators identified over 1,500 accounts accessed by sanctioned Iranian users, raising red flags on potential sanctions evasion.
Compliance Team and Cooperation Concerns
The letter highlights instances where Binance compliance personnel who flagged suspicious transactions were reportedly dismissed. Senators called out a perceived decline in Binance’s cooperation with law enforcement requests for customer data.
Binance’s Response
Binance denies all allegations, stating that it enforces strict controls, reports suspicious activity, and prohibits access from sanctioned jurisdictions. The exchange has disputed media reports of unreported transaction volumes.
Timeline and Next Steps
The senators requested an agency response by March 13, 2026. Concurrently, Senate Permanent Subcommittee on Investigations Chair Richard Blumenthal has launched a related inquiry, seeking internal documents from Binance.
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