Binance Under Fire as US Senate Probes Alleged Sanctions Evasion

The US Senate is intensifying its scrutiny of Binance, the world's largest cryptocurrency exchange by trading volume.

A bipartisan committee has launched an investigation into alleged sanctions evasion and terrorist financing links between Binance and entities linked to Iran.

The probe follows a series of explosive reports published in February that suggest Binance ignored internal warnings about illicit funds being laundered through its platform.

Binance has repeatedly argued that it complies with all applicable sanctions and anti-money laundering rules, but the company's compliance framework has been criticized for its effectiveness in catching suspicious activity.