Three Democratic senators — Chris Van Hollen, Elizabeth Warren and Ruben Gallego — have pledged to oversee a reported Department of Justice investigation into whether Binance facilitated Iran-linked sanctions evasion, escalating congressional pressure on the crypto exchange that paid a record $4.3 billion fine in 2023.
What Happened: Senators Target Binance Probe
The senators said in a joint statement on Thursday that they "will conduct oversight to ensure the Department of Justice conducts a serious investigation into Binance and holds the company accountable for any wrongdoing." The announcement followed a Wall Street Journal report on Wednesday, citing people familiar with the matter, that the Justice Department was looking into Iran's possible use of Binance to skirt sanctions.
The lawmakers added that the report raised concerns the firm "is again violating US sanctions laws, recklessly helping bankroll the activities of terrorist groups connected to Iran."
They noted that last month they had asked Treasury Secretary Scott Bessent and US Attorney General Pam Bondi to investigate Binance over the movement of Iran-linked funds.
Binance did not respond to a request for comment, though a company spokesperson previously told Cointelegraph it was "not aware of any investigations" and was "collaborating with regulators and law enforcement to investigate the facts."
On the same day the DOJ probe was reported, Binance sued the Wall Street Journal, claiming a Feb. 23 report — which alleged the exchange fired staff who flagged $1 billion in crypto tied to sanctioned Iranian entities, including Yemen's Houthis and the Islamic Revolutionary Guard Corps — was defamatory.
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Why It Matters: Repeat Offender Under Scrutiny
Binance pleaded guilty in Nov. 2023 to violating US anti-money-laundering and sanctions laws and agreed to operate under federal oversight as part of the $4.3 billion settlement.
Former CEO Changpeng Zhao pleaded guilty to a money laundering-related charge and served four months in jail in 2024 before President Donald Trump pardoned him in October.
The renewed probe and congressional oversight suggest regulators and lawmakers are not satisfied that the 2023 settlement resolved compliance failures at the world's largest crypto exchange. The senators' characterization of Binance as having "an established track record of putting profits ahead of the law" signals that political appetite for holding the company accountable has not diminished.
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