Binance pushed again arduous in opposition to a probe from U.S. Senator Richard Blumenthal, persevering with to violate sanctions tied to Iran. In an open letter launched Friday, Binance dismissed the claims fully, calling the studies behind the investigation false and defamatory. In line with the corporate, the info used within the probe is outdated and deceptive.
Binance already paid a large $4.3 billion settlement final 12 months to resolve previous compliance failures. Many buyers believed that the chapter was closed.
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What the Investigation Is About
The strain is coming from the Senate’s Everlasting Subcommittee on Investigations, a strong panel contained in the Homeland Safety Committee led by Senator Richard Blumenthal.
The allegation is simple. Lawmakers wish to know whether or not Binance allowed transactions linked to Iranian entities, which might violate sanctions enforced by the U.S. Treasury’s Workplace of Overseas Property Management (OFAC). That company maintains the blacklist of nations, teams, and organizations with which firms aren’t allowed to transact.
Sen. Blumenthal, the rating member of the Subcommittee on Investigations, wrote to Binance co-CEO Richard Teng right now demanding solutions about our, the WSJ, and the NYT’s reporting on potential sanctions violations and the firing of investigators: pic.twitter.com/ptjg7F6EsH
— Leo Schwartz (@leomschwartz) February 24, 2026
The inquiry is predicated on studies claiming two Hong Kong firms, Hexa Whale and Blessed Belief, could have acted as middlemen. The idea is that these companies helped route cash between Binance and teams linked to Iran.
For now, that is solely an investigation, not a felony case. However Senate probes can escalate rapidly. They will set off subpoenas, public hearings, and even referrals to the Division of Justice if severe violations are uncovered.
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Binance Calls the Claims “Demonstrably False”
Binance isn’t taking this mendacity down. In a uncommon transfer for an organization arguably nonetheless beneath the regulatory microscope, the alternate issued a blistering response calling the allegations “unsupported by credible proof.”
We’ve voluntarily responded to Senator Blumenthal’s inquiry which raises false and defamatory allegations reported by the WSJ. Whereas we take such issues critically, it’s vital for us to spotlight our industry-leading compliance which we have labored arduous to construct and defend our… pic.twitter.com/qOZ7h1y5nu
— Richard Teng (@_RichardTeng) March 6, 2026
The corporate acknowledged that the particular companions talked about, Hexa Whale and Blessed Belief, had no direct accounts with Iranian entities and had been promptly faraway from the platform as soon as Binance’s inner methods flagged potential oblique publicity.
This aggressive posture suggests Binance feels assured in its new compliance information. The corporate highlighted that its superior monitoring instruments have lowered publicity to illicit funds by 97%, down to only 0.009% of whole alternate quantity. It is a dramatic shift from the period of former CEO Changpeng Zhao, implying the present management desires to attract a tough line between the “outdated Binance” that pleaded responsible and the “new Binance” working right now.
That issues as a result of a profitable protection right here may show that the corporate’s inner reforms are literally working. Binance claims it now makes use of over 25 superior analytics instruments to catch dangerous actors earlier than the federal government does.
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