US Senator Investigates Binance for Allegedly Funneling $1.7 Billion to Iranian Entity

BlockBeats News, February 25th, according to CoinDesk, Richard Blumenthal, the Democratic leader of the U.S. Senate Homeland Security Committee, has launched an investigation into Binance's alleged sanctions violations. Richard Blumenthal has written to Binance inquiring about the suspected transfer of $1.7 billion to organizations linked to Iran. Richard Blumenthal has requested Binance to provide transaction records between entities involved in the suspected fund transfer and also requested records of compliance personnel previously suspended and dismissed, as U.S. investigators have identified two entities transferring funds to Iran.

A Binance spokesperson replied stating that The New York Times' previous report was inaccurate. Binance has strict KYC and compliance processes, and there are no Iranian users on the platform. The Binance spokesperson reiterated that reports in The New York Times, The Wall Street Journal, and Fortune regarding the dismissal of four investigators involved false claims.

Yesterday, Binance Co-CEO Richard Teng took to social media to state, "Recent reports on Binance's compliance project contain inaccuracies. The Wall Street Journal published defamatory remarks, and despite our efforts to clarify the facts, the journalist has not responded to any of our corrections. Binance has sent the attached letter requesting an immediate correction and full retraction of these false statements."