U.S. Senator Richard Blumenthal has launched a congressional investigation into the cryptocurrency exchange Binance following allegations that the platform processed approximately $1.7 billion in transactions related to sanctioned Iranian entities and a “shadow fleet” transporting Russian oil.
Citing sources from The Wall Street Journal, The New York Times, and Fortune, Mr. Blumenthal has requested CEO Richard Teng to provide records on sanctions controls and compliance. Reports suggest that Binance previously identified intermediaries facilitating transactions with Iranian government-related organizations and traced funds to wallets linked to the Islamic Revolutionary Guard Corps.
Binance denied the allegations, asserting that it has reported suspicious activities and does not allow Iranian users to access the platform. The investigation comes after a 2023 settlement in which Binance paid $4.3 billion for violations of anti-money laundering regulations.
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