Indictments Over Binance: US Senators Are On Its Tail


Politicians want details on the broker’s finances and money laundering rules in a letter written to “CZ.” Three US senators said that Binance was “a hub of illicit financial operations” and requested the world’s largest cryptocurrency exchange to reply to a series of questions. The Wall Street Journal (WSJ) published the data in an article on March 2.

The publication claims that US Senators Chris Van Hollen, Roger Marshall, and Elizabeth Warren demanded information on Binance’s balance statements, internal practices, and CEO Changpeng Zhao’s compliance efforts.

Internal policies known as compliance are intended to deter unlawful activity, such as money laundering, for which Exchange has been implicated in investigations by the US government.

“Crypto Exchange and its related entities purposefully circumvented regulators, transferred assets to criminals and sanctions evaders, and concealed basic financial information from their customers and the public,” says an extract from the senators’ paper addressed at Zhao, as quoted by the WSJ.

Indictments Over Binance US Senators Are On Its Tail

Binance Wants to Address the Accusations Head on

When the Coindesk website team reached out to Exchange for comment on the situation via its advisory, Binance stated that it always answers to requests from authorities in the countries where it operates and claimed that the allegations in the letter were untrue.
According to Coindesk, the advisory noted that does not operate or have clients in the US, where Binance.US, a nominally autonomous business, carry out activities. They added, “A lot of misinformation has been propagated about our firm, and we are eager to clarify this.”

The exchange “remains the most trusted exchange for users throughout the world,” according to Binance, which responded to the senators by promising to give them information to better understand why.

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