A group of Democratic lawmakers say they will oversee a reported Justice Department investigation into whether Binance was used to help Iranian entities evade US sanctions.
Senators Chris Van Hollen, Elizabeth Warren and Ruben Gallego said they would ensure the US Department of Justice conducts a thorough investigation into the allegations.
The statement followed a report that Iranian-linked actors may have used Binance to bypass sanctions restrictions, raising concerns among US lawmakers.
“Binance has an established track record of putting profits ahead of the law,”
The senators said, adding that:
“The report raised serious concerns that the firm is again violating US sanctions laws.”
Binance said it was not aware of any investigation but added that the company continues to cooperate with regulators and law enforcement when inquiries arise.
Separately, Binance has filed a defamation lawsuit against The Wall Street Journal over a report alleging the company dismissed employees who raised concerns about $1 billion in crypto linked to sanctioned Iranian entities.
The exchange previously pleaded guilty in 2023 to violating US anti-money-laundering and sanctions laws and paid a $4.3 billion penalty, while former chief executive Changpeng Zhao later served a four-month prison sentence in 2024 related to the case.