Elizabeth Warren probes Justice Department over Binance 2023 settlement terms
Senator Elizabeth Warren pressed Attorney General Pam Bondi for particulars on whether or not Binance complies with its 2023 settlement settlement, as Bloomberg News reported on Sept. 18.
Warren cited insufficient responses from federal prosecutors concerning the world’s largest cryptocurrency change in a letter co-authored by Democratic senators Mazie Hirono and Richard Blumenthal.
The letter demanded affirmation of Binance’s adherence to “ongoing necessities” from the $4.3 billion deal that resolved money-laundering and sanctions violations.
The senators criticized the Justice Department for failing to “meaningfully reply” questions Warren initially raised in May about settlement compliance.
Earlier this month, prosecutors confirmed Binance had paid required monetary penalties however famous the corporate maintains persevering with obligations below the settlement, together with compliance program enhancements.
However, the lawmakers wrote that “this response didn’t affirm whether or not or not Binance was, in reality, complying with these ongoing necessities.”
Monitor elimination into account
The inquiry comes as prosecutors are weighing whether to remove Binance’s court-appointed compliance monitor, a key element of the 2023 settlement.
Authorities put in the monitor to supervise the change’s adherence to anti-money laundering and sanctions compliance necessities.
Warren’s letter additionally sought particulars on interactions between Binance and President Donald Trump administration officers, reflecting considerations concerning the change’s connections to World Liberty Financial.
Binance’s late 2023 agreement with federal authorities resolved felony prices associated to facilitating transactions for sanctioned entities and failing to implement satisfactory anti-money laundering applications.
The deal required the change to pay $4.3 billion in penalties and settle for ongoing regulatory oversight.
The settlement marked one of many largest enforcement actions in opposition to a cryptocurrency agency, as prosecutors sought to handle compliance failures that allowed illicit monetary actions to flourish on the platform.
Also, as part of the settlement, Binance founder Changpeng Zhao served a four-month jail sentence. He was launched in September 2024 and sought a presidential pardon in May.
The senators’ stress marketing campaign careworn ongoing congressional scrutiny of cryptocurrency regulation, regardless of the latest regulatory strikes led by Trump signing the GENIUS Act into regulation.
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