"Sen. Blumenthal referenced reports of Iranian-linked crypto flows and questioned whether Binance's oversight structure is functioning as intended, highlighting concerns over compliance."
"As part of a 2023 settlement tied to sanctions and money laundering violations, Binance agreed to pay a $4.3 billion fine and accept two independent monitors."
"A group of U.S. senators called for a 'prompt, comprehensive review' of Binance's sanctions compliance and anti-money laundering controls, citing concerns over illicit finance risks."
Sen. Richard Blumenthal has requested updates from the Justice Department and FinCEN regarding Binance's compliance program and oversight. Concerns have arisen over weak anti-money laundering controls and reports of Iranian-linked crypto transactions. Binance agreed to a $4.3 billion settlement and will have independent monitors starting in 2024. Internal investigations at Binance reportedly flagged over $1 billion in transactions linked to Iranian wallets. A group of U.S. senators has also called for a comprehensive review of Binance's compliance with sanctions and anti-money laundering regulations.
Read at Bitcoin Magazine
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