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Democratic Senator Wants Answers About Binance's $1.7 Billion In Iran-Linked Flows (UPDATED)
Blumenthal wants records on whether the monitors flagged misconduct after reports said Binance investigators warned of more than $1 billion in Iran-linked flows.
- On Friday, Senator Richard Blumenthal sent letters demanding information on the status of two monitors overseeing Binance's compliance operations. Blumenthal cited reports that "Binance had facilitated billions of dollars of sanctions evasion," questioning the exchange's adherence to its 2023 settlement.
- As part of a 2023 plea deal, the U.S. government required Binance to pay a $4.3 billion fine for compliance failures and retain independent oversight for three years. The monitorships began in 2024 to ensure the exchange overhauled its anti-money-laundering program.
- Blumenthal's inquiry follows reports that Binance fired internal investigators who warned executives that over $1 billion flowed through the exchange to Iran-linked wallets. Binance asserts the firings were unrelated and maintains a rigorous compliance program.
- Frances McLeod, the Justice Department's chosen monitor, and Sharon Cohen Levin, FinCEN's monitor, have remained silent regarding the senator's probe. Spokespeople for Binance and the involved agencies did not immediately respond to requests for comment.
- Amid a broader trend of the Justice Department pausing corporate monitorships, including for Boeing and Glencore, critics argue such oversight is often ineffective. Others question whether Binance's current operations match its public rhetoric on compliance.
12 Articles
12 Articles
US Senator Richard Blumenthal has requested detailed information from the Department of Justice and the Treasury Department regarding Binance's oversight process following allegations that the exchange violated sanctions against Iran. The cryptocurrency world's biggest... New Blow to Binance from the US: Billions of Dollars in Iran...
Bitcoinist
Bitcoin InsiderNew Scrutiny Wave Hits Binance: Fresh Letters Sent To DOJ And FinCEN Over Iran Links
Democratic Senator Richard Blumenthal is increasing his scrutiny of Binance as new questions emerge about the exchange’s handling of Iran-related transactions. The Connecticut senator has been pursuing the issue since February, when he first launched a formal inquiry into whether the cryptocurrency exchange violated US and international sanctions involving Iran. On Friday, April 17, Blumenthal took another step by sending two new letters—this …
US Senator Urges Binance Monitor Update Amid Iran Sanctions Scrutiny
Connecticut Senator Richard Blumenthal has intensified congressional oversight of Binance, asking the Justice Department and FinCEN for detailed updates on whether the exchange is meeting anti-money-laundering and sanctions obligations embedded in its 2023 monitoring regime. A Fortune report on Friday describes Blumenthal’s letters as requesting a current assessment of Binance’s compliance with the agreement. The 2023 settlement required Binance…
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