Senator Blumenthal Opens Inquiry Into Iran Transactions on Binance
The New York Times • • business
Key Points:
- Senator Richard Blumenthal, a Democrat on the Senate Homeland Security Committee, has launched an inquiry into potential sanctions violations by Binance, focusing on $1.7 billion in crypto transfers to Iranian entities.
- The investigation centers on Binance's dealings with two Hong Kong entities, including Blessed Trust, which were linked to the transfers, and concerns that Binance ignored internal warnings about Iranian money laundering.
- Binance pleaded guilty in 2023 to anti-money-laundering violations and allowing transactions from sanctioned countries, agreeing to pay $4.3 billion in penalties and exit the U.S. market; founder Changpeng Zhao was pardoned by former President Trump.
- Internal Binance investigators who raised concerns about the Iranian transactions were reportedly suspended or fired, prompting Senator
