"I am writing with concern over mounting allegations of dangerously lax anti-money laundering prevention by Binance, said Blumenthal, in the letters sent to the Justice Department and the U.S. Treasury's Financial Crimes Enforcement Network."
"As part of a 2023 settlement with Binance over compliance shortcomings, the U.S. government installed two monitors, who separately report to the DOJ and FinCEN, to ensure the exchange put in place appropriate measures to overhaul its compliance program."
"Binance has since sought to project an image of corporate responsibility, but recent reports over Iranian crypto flows have prompted Blumenthal-along with other Senate Democrats-to probe the crypto exchange and the Trump administration over whether the exchange's internal operations match its public rhetoric."
"Blumenthal's questioning comes after multiple outlets reported that Binance fired internal investigators who had warned top executives that over $1 billion had flowed through the exchange to Iran-linked wallets."
Sen. Richard Blumenthal has raised concerns about Binance's anti-money laundering practices, particularly regarding Iranian crypto transactions. Following a 2023 settlement, the U.S. government appointed two monitors to oversee Binance's compliance efforts. Despite Binance's attempts to present a responsible image, allegations of lax oversight have emerged. Reports indicate that Binance dismissed internal investigators who flagged over $1 billion in transactions linked to Iran. The monitors, tasked with identifying misconduct, have not publicly commented on the situation.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]