US Senators to Oversee DOJ's Investigation Into Binance

Democratic Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego announced the initiation of a probe by the United States Department of Justice (DOJ) into the operations of Binance. They are specifically investigating if Binance has violated U.S. sanctions by facilitating transactions linked to Iran and entities associated with terrorism.

The lawmakers, members of the Senate Committee on Banking, Housing, and Urban Affairs, indicated that this move follows their initial call for authorities to ensure Binance’s compliance with sanctions.

DOJ’s Binance Investigation

In a combined statement, the senators expressed apprehensions that Binance might have enabled financial transactions linked to Iranian actors, despite existing sanctions. They criticized the company for focusing on profit over legal adherence and urged the DOJ to conduct a comprehensive examination.

Earlier this week, reports surfaced that the DOJ is probing if Iran has leveraged Binance to sidestep U.S. sanctions. Binance refuted these accusations, claiming that the reports contain “false, unsupported, and defamatory claims,” and it has filed a defamation lawsuit against a major newspaper regarding the issue.

Calls for Bipartisan Collaboration

While Binance has yet to comment on the latest developments, the exchange previously mentioned that federal courts dismissed anti-terrorism claims against its founder Changpeng “CZ” Zhao. Binance stated its commitment to working with both parties in enforcing sanctions.

“Looking forward to collaborating with both Democrats and Republicans on this.”