Bitcoinist 2026-03-07 14:00:20

Binance Claps Back At Senator Blumenthal’s Allegations, Denouncing False Claims

Binance has formally responded to US Senator Richard Blumenthal (D-CT) following a congressional letter in which the lawmaker cited media reports alleging the company enabled large-scale violations of US and international sanctions involving Iran. In an open letter published Friday, Binance rejected the claims and accused the senator of relying on what it described as false and defamatory reporting. Binance Denies Enabling Iranian Money Laundering Senator Blumenthal’s inquiry referenced articles published in February 2026 by The New York Times, Fortune, and The Wall Street Journal. Those reports, according to the senator, suggested Binance had disregarded warnings designed to prevent Iranian money laundering schemes and had allowed approximately $1.7 billion in transfers connected to Iran. In its response, Binance said it takes its legal and regulatory responsibilities seriously and shares the senator’s stated interest in maintaining a safe trading platform. However, the company disputed the accuracy of the reports cited in the letter, calling them demonstrably false and defamatory in several significant respects. Binance emphasized that it maintains strict Know Your Customer (KYC) and compliance procedures and expressly prohibits users residing in or located in Iran from accessing its platform. The exchange also responded to claims, repeated in the senator’s letter and attributed to The Wall Street Journal, that Binance compliance had identified 2,000 accounts associated with Iranian entities despite its stated ban on Iranian users. Binance flatly denied making any such determination. The company said it enforces mandatory identity verification for all customers and does not knowingly onboard users with incomplete or inaccurate documentation. It suggested the claim may stem from its ongoing efforts to strengthen controls related to the use of virtual private networks (VPNs). The firm reiterated that any attempt to circumvent eligibility requirements through VPN usage violates its terms of service. Employee Departures Not Linked To Iran Probe In addition to compliance concerns, the senator’s letter referenced media reports about the treatment of certain employees involved in the Hexa Whale and Blessed Trust investigations. Binance said those reports contained significant inaccuracies and rejected suggestions that employees were dismissed for escalating compliance concerns. While declining to disclose specific personnel details due to privacy considerations, the company acknowledged that some compliance staff and contractors have recently departed, most through voluntary resignations. Binance reiterated that its compliance framework is continuously evolving and strengthening. The company said that when credible risk information arises, it investigates thoroughly, removes accounts when necessary, and reports to appropriate authorities. With respect to the matters raised in Blumenthal’s letter, Binance argued that its compliance systems functioned as intended. The exchange pledged to continue cooperating with law enforcement and advancing what it described as its broader mission of building core infrastructure for the global crypto ecosystem. Featured image from OpenArt, chart from TradingView.com

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