US Senator Launches Probe into Binance Allegations of Iran, Russia Sanctions Evasion

A prominent US Senator has opened an investigation into cryptocurrency exchange Binance Holdings Ltd. amid allegations of its involvement in facilitating illicit financial transactions.

The inquiry, led by Senator Richard Blumenthal, targets reports that Binance enabled nearly $2 billion to be funneled to Iranian government groups designated as terrorist organizations, thereby evading US sanctions on Russian oil exports.

In a letter to Binance's co-chief executive officer, Richard Teng, Senator Blumenthal requested information and records regarding the alleged transactions, as well as details about compliance personnel who were reportedly terminated after discovering the activity.