US lawmakers have called on the Treasury Department and the Department of Justice to investigate Binance over allegations that $1.7 billion in crypto transfers were linked to Iran-connected entities.
In a letter led by Senator Elizabeth Warren and Senator Chris Van Hollen, 11 lawmakers urged Treasury Secretary Scott Bessent and Attorney General Pam Bondi to launch a formal probe, citing national security and sanctions enforcement concerns amid heightened US-Iran tensions.
“These allegations raise grave concerns that poor illicit finance controls at Binance remain a significant threat to national security; our illicit finance controls are dangerously compromised if enormous sums can flow through Binance to terrorist groups or sanctions evaders, and the firm controls the world’s largest digital asset exchange so it is essential that bad actors cannot benefit from its platform,”
The lawmakers stated.
The senators pointed to reports alleging that at least two Binance accounts were used to channel funds to entities linked to the Iran-backed Houthis and the Islamic Revolutionary Guard Corps, and that more than 1,500 Binance accounts were accessed by Iranian nationals.