"Top crypto sleuths at Binance showed the firm's senior executives evidence of more than $1 billion flowing through the exchange to entities tied to groups like the Islamic Revolutionary Guard Corps, in potential violation of U.S. sanctions. Binance pushed back on the story and said it did not violate sanctions, that it offboarded accounts linked to the transactions, and that it did not fire the employees because of their report."
"Investigators found evidence that one of the entities, which was called Blessed Trust, had deep links to Binance, including records that indicated that Binance employees logged into Blessed Trust's trading account on the exchange. A spokesperson for Binance told the Journal that the claim of shared employee logins relied on 'incorrect investigation records' and that '[a]ny suggestion that Blessed Trust was operated, directed, or controlled by Binance is false.'"
Binance faces scrutiny from Senator Richard Blumenthal following reports that the cryptocurrency exchange terminated investigators who uncovered more than $1 billion in transactions to entities linked to Iran's Islamic Revolutionary Guard Corps, potentially violating U.S. sanctions laws. Binance denies firing employees due to their findings and claims compliance with sanctions regulations. Recent investigations by major news outlets revealed two Hong Kong business entities, including one called Blessed Trust, allegedly connected to the suspicious transactions. Binance disputes claims of operational control over these entities and contests allegations that employees accessed Blessed Trust's trading accounts. The company's co-CEO Richard Teng sent a legal letter to the Wall Street Journal alleging defamatory claims in their reporting.
#binance-sanctions-violations #iran-financial-transactions #cryptocurrency-regulation #congressional-inquiry #compliance-investigation
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