#Write2Earn
Binance Responds to Senate Probe on Iran Sanctions Claims.
Global cryptocurrency exchange Binance formally responded to a U.S. Senate inquiry examining possible Iran sanctions exposure on its platform. The response addressed a February 24 letter from Richard Blumenthal. According to Binance, the company rejected allegations raised after media reports questioned its sanctions compliance program.
Binance challenges allegations tied to Senate inquiry
The exchange submitted its response to Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations. The letter was also copied to Ron Johnson, who chairs the subcommittee.
Blumenthal’s inquiry followed reporting by The Wall Street Journal that questioned Binance’s exposure to Iranian entities. However, Binance said those claims lacked credible evidence.
According to Eleanor Hughes, the company voluntarily responded to the Senate letter. She stated that the allegations misrepresented the exchange’s compliance framework and operational progress.
Binance emphasized that it prohibits users located in Iran from accessing the platform. Moreover, the company requires identity verification for every account.
The exchange also addressed claims involving thousands of Iranian accounts. Binance said investigators never confirmed the existence of 2,000 such accounts. Instead, the figure likely related to monitoring attempts to bypass restrictions using VPN services.
Investigations resulted in removal of flagged entities
The Senate inquiry also referenced two trading entities, Hexa Whale and Blessed Trust. Binance said both accounts had indirect links to wallet addresses with potential Iranian connections.
However, the company reported that neither account directly transacted with an Iran-based entity. Law enforcement first contacted Binance in April 2025 regarding transactions linked to external wallets. Authorities suggested the addresses might connect to possible terrorist financing.
