Lawmakers said they will oversee the investigation to ensure authorities hold Binance accountable if sanctions violations are confirmed.
Democratic Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego confirmed that the United States Department of Justice is investigating whether crypto exchange Binance violated US sanctions laws by facilitating billions of dollars in transactions linked to Iran and entities associated with terrorism.
The lawmakers, all members of the United States Senate Committee on Banking, Housing, and Urban Affairs, said the probe comes after their earlier request urging US authorities to examine the exchange’s compliance with sanctions regulations.the reported activity raises concerns that Binance may have helped enable financial flows connected to Iranian actors and their proxies despite existing restrictions under US law. They also accused the company of previously prioritizing profits over legal compliance and said the latest reports indicate the exchange could again be operating in ways that undermine sanctions enforcement. The lawmakers added that they plan to conduct oversight to ensure the Justice Department carries out a thorough investigation and holds the company accountable if violations are confirmed.that the Department of Justice had started investigating whether Iran had used Binance to evade American sanctions. Binance pushed back against the allegations, while arguing that the media reports referenced in the Senate contain “false, unsupported, and defamatory claims.” Subsequent reports indicated that the exchange has filed a defamation lawsuit against the WSJ over the initial article that the publication released in late February.While Binance has not yet released a statement regarding the development, it had previously noted that the federal courts in both the Southern District of New York and the Northern District of Alabama dismissed anti-terrorism claims brought against founder Changpeng “CZ” Zhao by hundreds of plaintiffs. The exchange said that it remains fully committed to working collaboratively to enforce sanctions laws without compromise, and went on toChayanika has been working as a financial journalist for seven years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm.Strategy STRC Offering Hits Record High in Single DayPlay Video
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance.US names new CEO as crypto exchange eyes expansionThe most recent news about crypto industry at Cointelegraph. Latest news about bitcoin, ethereum, blockchain, mining, cryptocurrency prices and more
Read more »
Bitcoin (BTC) analysis: Futures trading is now five times bigger than spot on BinanceThe futures-to-spot ratio has climbed to 5.1, reflecting a structural shift in how the market trades.
Read more »
Why 'Satoshis' Matter: Binance Explains Smallest Unit of BitcoinBinance highlights the smallest denomination of Bitcoin, which marks one hundred millionth of the BTC market price.
Read more »
Binance Joins Ripple in Mastercard Crypto ProgramBinance is now one of the first crypto firms alongside Ripple to participate in the Mastercard crypto program.
Read more »
Binance Delists 21 Cryptocurrencies at OnceBinance Alpha has reduced the number of tokens trading on the platform by 21 as the exchange now considers the assets unqualified for its listing standard.
Read more »
Binance says US midterms could boost Bitcoin and stocksThe most recent news about crypto industry at Cointelegraph. Latest news about bitcoin, ethereum, blockchain, mining, cryptocurrency prices and more
Read more »