Senate Democrats Call for Investigation into Binance Over Iran Ties and Trump Connections

A group of 11 Senate Democrats has called on the US Department of Justice (DOJ) and Treasury to investigate Binance over allegations of illicit finance activity tied to Iran.

In a letter sent to Attorney General Pam Bondi and Treasury Secretary Scott Bessent, the senators expressed concern about reports that billions of dollars in digital assets flowed through Binance to Iranian entities, including groups linked to terrorism.

The letter, led by Senator Mark Warner, also raises questions about Binance's business relationships with President Donald Trump and his family's crypto ventures. It notes that the exchange has promoted a stablecoin issued by World Liberty Financial, a Trump family-backed project, and has accepted a $2 billion investment tied to it.

The senators are urging the DOJ and Treasury to conduct a 'prompt, comprehensive review' of Binance's sanctions compliance controls, citing concerns that employees who identified suspicious transactions were dismissed and that the exchange may have been used in efforts by Russian actors to evade sanctions.