Binance Faces Congressional Scrutiny over Alleged Illicit Activity

Regulatory scrutiny is increasing for cryptocurrency exchange Binance as US lawmakers call for a formal investigation into allegations of illicit activity on its platform.

The Treasury Department and DOJ have been asked by 11 senators, led by Elizabeth Warren, to look into the matter after reports emerged that at least two Binance accounts were used to channel assets to entities linked to Iran-backed groups.

The lawmakers are concerned that poor illicit finance controls at Binance pose a significant threat to national security and that the exchange's platform may be vulnerable to terrorist groups or sanctions evaders.