Senator Richard Blumenthal is leading a probe into Binance’s alleged $1.7 billion transfers to Iran-linked entities, amid heightened scrutiny of crypto firms’ compliance with U.S. sanctions.
U.S. Senate Homeland Security Committee Chair Richard Blumenthal is investigating Binance over reported $1.7 billion in transfers to entities connected with Iran. Blumenthal has requested detailed transaction records and information on the dismissal of compliance staff. Binance has denied the allegations, citing strict Know Your Customer procedures and disputing media reports as inaccurate. The inquiry underscores increased U.S. legislative focus on ensuring cryptocurrency exchanges adhere to sanctions and compliance standards.