Binance has formally responded to a US Senator’s inquiry regarding sanctions compliance. In a letter published Friday, the crypto exchange stated it has not violated any US sanctions laws and labeled the allegations as false. Binance asserted its compliance systems functioned correctly and that no investigators were dismissed. The company emphasized its work to comply with federal laws and operate under regulatory scrutiny in multiple jurisdictions.
In a letter published on Friday, Binance stated it has not violated any US sanctions laws. The letter addressed Connecticut Senator Richard Blumenthal’s inquiry, which referenced allegations made by the Wall Street Journal.
Binance specifically addressed claims that it identifies and reports suspicious activity through its compliance procedures. The exchange stated this demonstrates its compliance systems worked as intended.
“The letter/inquiry from Sen. Blumenthal and the coverage by mainstream media outlets represent an attack on crypto,” the letter reads. Binance continued that the inquiry demonstrates a lack of understanding about the industry and underlying technology.
The company detailed its efforts to comply with all federal laws and sanctions. It highlighted regulatory scrutiny under its global license and operations in 21 jurisdictions where it holds approvals.
Last month, Binance surpassed $70 billion in commodity trading volume after launching gold and silver futures. The trading only launched early this year but has proven successful for the platform.
