Senate Investigates Binance Over Sanctions Violations

The Senate Permanent Subcommittee on Investigations (PSI) has initiated a formal inquiry into Binance, one of the world's largest cryptocurrency exchanges.

The investigation centers on allegations that Binance processed approximately $1.7 billion in transactions linked to sanctioned Iranian entities and Russia's 'shadow fleet' of oil tankers.

Senator Richard Blumenthal, the lead Democrat on the PSI, has demanded extensive internal records from Binance CEO Richard Teng, citing concerns about potential money laundering for groups including Yemen's Houthi militants and Iran's Islamic Revolutionary Guard Corps (IRGC).

The inquiry specifically requests documentation regarding Binance's relationship with two Hong Kong-based partners, Hexa Whale and Blessed Trust, which are alleged to have acted as conduits for illicit financial flows.