New Scrutiny Wave Hits Binance: Fresh Letters Sent To DOJ And FinCEN Over Iran Links
Democratic Senator Richard Blumenthal is growing his scrutiny of Binance as new questions emerge in regards to the trade’s dealing with of Iran-related transactions.
The Connecticut senator has been pursuing the problem since February, when he first launched a proper inquiry into whether or not the cryptocurrency trade violated US and worldwide sanctions involving Iran.
On Friday, April 17, Blumenthal took one other step by sending two new letters—this time aimed on the US Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Congress Intensifies Binance Probe
The newest letters, which have been reported by Fortune, concentrate on a particular side of Binance’s compliance oversight: the standing of two screens that have been put in to oversee the corporate’s compliance operations.
According to the report, Blumenthal requested for particulars about the place the screens stand and what they’re doing to make sure Binance maintains applicable measures to reform and strengthen its compliance program.
Those monitorships started in 2024. Each monitor individually experiences to the DOJ and to FinCEN, with the aim of guaranteeing Binance implements significant upgrades to its compliance framework.
Blumenthal’s correspondence displays what he described as rising concern over “mounting allegations of dangerously lax anti-money laundering prevention by Binance.”
Silence Amid Document Requests
This renewed investigation additionally arrives after a number of retailers reported that Binance fired inside investigators who had warned high executives that greater than $1 billion had moved by the trade to wallets linked to Iran.
Binance has stated these investigators have been dismissed for causes not linked to their findings about Iranian exercise. The firm maintains that it has a rigorous compliance program, and it has continued to reject the allegations being raised in Congress.
In addition to pursuing the screens, Blumenthal beforehand requested for precise dates for when firms and people concerned opened Binance accounts, started sending funds to Iranian intermediaries, have been reported to US legislation enforcement, and when these accounts or associated exercise have been suspended or eliminated.
Blumenthal additionally demanded explanations for any delays between notification and motion, invoking Senate guidelines and setting a deadline of April 14 for Binance to supply the requested information.
As of this reporting, it has not been disclosed whether or not these paperwork have been equipped, nor has there been any additional public assertion from Binance or its executives addressing what the senator requested or whether or not they complied.
Key Numbers Revealed By The Exchange
Despite these ongoing inquiries, Binance has been constant in rejecting the allegations even earlier than Blumenthal’s most up-to-date letter. In a February 22 assertion, the trade stated it carried out an internal review and located “no proof of violations of relevant sanctions legal guidelines.”
The trade additional acknowledged that for the reason that 2023 settlement, which led to former CEO Changpeng Zhao (CZ) resigning from his place, it had upgraded its compliance processes and equipped a number of statistics meant to reveal progress over time.
Among the metrics Binance highlighted, the trade stated sanctions-related publicity—measured as a share of overall trading volume—fell from 0.284% in January 2024 to 0.009% by July 2025, which it described as a discount of 96.8%.
The trade additionally reported that transaction quantity involving 4 main Iranian crypto exchanges dropped from $4.19 million in January 2024 to $1.1 million by January 2026.
At the time of writing, the trade’s native token, BNB, was buying and selling at $638, up 4% and 6% over the earlier 24 hours and 7 days, respectively.
Featured picture from OpenArt, chart from TradingView.com