US senators call Binance ‘repeat offender’ over $2B Iran transfers

US senators label Binance a "repeat offender" over $2 billion in alleged Iran sanction violations, intensifying scrutiny on the major cryptocurrency exchange.

In a striking assertion that could reshape the future of one of the world’s largest cryptocurrency exchanges , US senators have branded Binance as a “repeat offender.” This label comes amid escalating scrutiny over nearly $2 billion worth of crypto transactions allegedly circumventing sanctions to benefit Iran. What’s the Background of This Inquiry? Senator Richard Blumenthal, who leads the Subcommittee on Investigations, has taken the helm of this inquiry. He reached out to Binance CEO Richard Teng with a series of damning allegations regarding the exchange's dealings. In his letter, Blumenthal emphasized the significant role Binance allegedly played in facilitating $1.7 billion in transfers to Iran, arguing these transactions supported Iranian-linked terrorist organizations and illicit oil sales from Russia. “Instead of actually preventing illicit use, Binance has sought to evade accountability,” stated Blumenthal. He implied that the exchange has a history of disregarding warnings from authorities about money laundering schemes. Could This Be a Breach of Their Plea Deal? The senator's claims have thrown into question Binance's commitment to a prior agreement with the Department of Justice aimed at resolving allegations of sanction violations that date back to 2023. Blumenthal pointed out that the scale of the newly revealed transactions—with nearly $2 billion directed to sanctioned entities—raises serious doubts about Binance’s adherence to American banking laws. This troubling revelation comes as Binance faces accusations of reviving past offenses, as stated in Blumenthal’s letter. “Binance is a repeat offender,” he asserted, indicating that the exchange has long been aware of how its platform was exploited by the Iranian regime to bypass international sanctions. What Evidence Supports These Allegations? The inquiry cites investigations reported by prominent news outlets like The Wall Street Journal, Fortune, and The New York Times, identifying two Binance clien