Democratic Senator Richard Blumenthal is growing his scrutiny of Binance as new questions emerge concerning the change’s dealing with of Iran-related transactions.
The Connecticut senator has been pursuing the problem since February, when he first launched a proper inquiry into whether or not the cryptocurrency change violated US and worldwide sanctions involving Iran.
On Friday, April 17, Blumenthal took one other step by sending two new letters—this time aimed on the US Division of Justice (DOJ) and the Treasury Division’s Monetary Crimes Enforcement Community (FinCEN).
Congress Intensifies Binance Probe
The most recent letters, which have been reported by Fortune, deal with a selected facet of Binance’s compliance oversight: the standing of two screens that have been put in to oversee the corporate’s compliance operations.
In line with the report, Blumenthal requested for particulars about the place the screens stand and what they’re doing to make sure Binance maintains applicable measures to reform and strengthen its compliance program.
These monitorships started in 2024. Every monitor individually experiences to the DOJ and to FinCEN, with the objective of guaranteeing Binance implements significant upgrades to its compliance framework.
Blumenthal’s correspondence displays what he described as rising concern over “mounting allegations of dangerously lax anti-money laundering prevention by Binance.”
Silence Amid Doc Requests
This renewed investigation additionally arrives after a number of shops reported that Binance fired inside investigators who had warned high executives that greater than $1 billion had moved by means of the change to wallets linked to Iran.
Binance has mentioned these investigators have been dismissed for causes not related to their findings about Iranian exercise. The corporate maintains that it has a rigorous compliance program, and it has continued to reject the allegations being raised in Congress.
Along with pursuing the screens, Blumenthal beforehand requested for actual dates for when corporations and people concerned opened Binance accounts, started sending funds to Iranian intermediaries, have been reported to US regulation enforcement, and when these accounts or associated exercise have been suspended or eliminated.
Blumenthal additionally demanded explanations for any delays between notification and motion, invoking Senate guidelines and setting a deadline of April 14 for Binance to offer the requested data.
As of this reporting, it has not been disclosed whether or not these paperwork have been provided, nor has there been any additional public assertion from Binance or its executives addressing what the senator requested or whether or not they complied.
Key Numbers Revealed By The Trade
Regardless of these ongoing inquiries, Binance has been constant in rejecting the allegations even earlier than Blumenthal’s most up-to-date letter. In a February 22 assertion, the change mentioned it carried out an inside evaluation and located “no evidence of violations of applicable sanctions laws.”
The change additional acknowledged that because the 2023 settlement, which led to former CEO Changpeng Zhao (CZ) resigning from his place, it had upgraded its compliance processes and provided a number of statistics meant to display progress over time.
Among the many metrics Binance highlighted, the change mentioned sanctions-related publicity—measured as a share of general buying and selling quantity—fell from 0.284% in January 2024 to 0.009% by July 2025, which it described as a discount of 96.8%.
The change additionally reported that transaction quantity involving 4 main Iranian crypto exchanges dropped from $4.19 million in January 2024 to $1.1 million by January 2026.
On the time of writing, the change’s native token, BNB, was buying and selling at $638, up 4% and 6% over the earlier 24 hours and 7 days, respectively.
Featured picture from OpenArt, chart from TradingView.com
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