U.S. Democratic senators have confirmed the Justice Department is investigating whether cryptocurrency exchange Binance violated sanctions laws by facilitating transactions tied to Iran. The lawmakers stated they will oversee the investigation to ensure authorities hold Binance accountable if violations are confirmed.
Democratic Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego confirmed a Department of Justice probe into whether Binance violated U.S. sanctions. The investigation focuses on potential facilitation of transactions linked to Iran and entities associated with terrorism.
The senators, all members of the Banking Committee, said the probe follows their earlier request for authorities to examine the exchange’s compliance. They stated this activity raises concerns that Binance may have enabled financial flows for Iranian actors despite restrictions.
They accused the company of previously prioritizing profits over legal compliance. The lawmakers also said they plan to conduct oversight to ensure a thorough investigation by the Justice Department.
Binance has previously stated it is committed to enforcing sanctions laws without compromise. The exchange added, “Looking forward to collaborating with both Democrats and Republicans on this.”
Media reports this week indicated the Justice Department had started investigating whether Iran used Binance to evade sanctions. Binance has pushed back, arguing such reports contain false and defamatory claims.
