Binance faces Senate probe over alleged Iran ties

The US Senate is investigating Binance's alleged ties to Iran, which has sent shockwaves through the cryptocurrency market. Binance has denied any direct involvement in facilitating cryptocurrency transfers linked to Iran.

The probe has led to a 4.09% drop in Bitcoin's price to $68,211 and a 4.88% decline in Ethereum's price to $1,983.43. The Fear & Greed Index, which measures market sentiment, has dropped to 12, indicating extreme fear among investors.

Binance is the world's largest cryptocurrency exchange by trading volume, and any disruption to its operations could have significant implications for the crypto market. The investigation is ongoing, and the outcome will likely serve as a bellwether for future regulatory developments in the space.