Binance Faces US Senate Investigation Over Sanctions Evasion Allegations

A US Senate investigation has been launched into Binance, the world's largest cryptocurrency exchange, over allegations of sanctions evasion and ties to Trump-associated firm WLFI.

The inquiry focuses on whether Binance knowingly facilitated illicit transactions and failed to prevent its platform from being used by sanctioned entities. According to reports, Binance may have processed $1.7 billion in crypto transfers to Iran and enabled transactions linked to Russia's 'shadow fleet'.

The investigation also examines internal compliance failures, alleging that the exchange ignored repeated warnings about illicit activity related to Iran and Russia.

Binance is accused of ignoring warnings and potentially facilitating terrorist financing and money laundering. The Senate has demanded that Binance provide detailed records by March 6, including transactions and communications involving suspected intermediaries for laundering money and enabling trade with Iranian government entities.