Short Details👇
Background: A group of U.S. senators, led by Richard Blumenthal, launched an inquiry after media reports alleged that about $1.7 billion in crypto transactions may have moved through Binance to entities linked to Iran.
Binance’s Response: Binance sent a formal letter to the Senate denying the allegations and stating that no account on its platform directly sent crypto to Iranian entities.
Internal Review: The company said its investigation only found indirect exposure to wallets that might have had links to Iran, and two accounts — Hexa Whale and Blessed Trust — were removed from the platform after compliance checks.
Compliance Defense: Binance argued that the reports behind the probe are “false and defamatory” and highlighted its compliance efforts, including strict KYC rules and cooperation with law enforcement.
Key Point: Binance insists it did not violate sanctions laws and says it continues to work with regulators and investigators to address the concerns
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