$1.7B Binance Investigation Underway Amid Sanctions Concerns

US Senator Richard Blumenthal has opened a preliminary inquiry into cryptocurrency exchange Binance following reports of $1.7 billion in transactions tied to Iranian entities.

The investigation comes after The Wall Street Journal reported that internal Binance investigators uncovered transfers from accounts on the platform to intermediaries connected to Iran, including entities linked to the Islamic Revolutionary Guards Corps and Yemen's Houthi militants.

Binance has denied the allegations, accusing the WSJ of publishing 'defamatory claims' about the company's compliance program.