A bipartisan group of 11 U.S. senators has formally requested that Attorney General Pamela Bondi and Treasury Secretary Scott Bessent launch a federal probe into Binance, the world’s largest cryptocurrency exchange. The lawmakers cited allegations that $1.7 billion in digital assets were laundered through Binance to companies linked to Iran, and that the exchange may have helped circumvent sanctions against Russia. The letter, led by Senator Chris Van Hollen (D-Md.), warned that “our national security is at risk if Binance is supporting the financial activities of terrorist groups or other adversaries of the United States.”
Bipartisan Pressure and National Security Fears
Signatories include Senators Elizabeth Warren, Jack Reed, and Mark Warner. The letter highlights Binance’s 2023 settlement with U.S. authorities, in which it pleaded guilty to sanctions and AML violations. Yet recent reports suggest compliance controls have weakened. Evidence shows a vendor routed $1.2 billion to Iran-linked entities, and Iranian nationals accessed more than 1,500 Binance accounts. Lawmakers demand a thorough review of Binance’s adherence to its prior commitments.
Trump Family Ties and Pardon of Changpeng Zhao
The senators also flagged Binance’s growing business ties to President Trump’s family: the exchange promoted the Trump-family-issued stablecoin USD1 and provided technology and investment support. Last fall, Trump pardoned Binance founder Changpeng Zhao, who had pleaded guilty to failing to maintain an effective AML program. Additionally, Binance launched crypto debit cards in the former Soviet region and partnered with Kyrgyzstan, raising fresh concerns over sanctions evasion.