Binance said on March 6 that a recent Senate inquiry led by Sen. Richard Blumenthal relied on inaccurate media reporting and defended its sanctions controls, law-enforcement cooperation, and offboarding actions as evidence of an active and improving compliance program.
The statement comes after Blumenthal opened a preliminary Senate inquiry into Binance on February 24, requesting records related to recent reporting on possible Iran- and Russia-linked activity. The inquiry highlights ongoing congressional scrutiny of sanctions compliance in the cryptocurrency sector, according to a release from Blumenthal’s office.
Binance said Sen. Richard Blumenthal’s February 24 inquiry relied heavily on recent reports the company considers inaccurate, unsupported, and defamatory. In a letter sent through Withers Bergman LLP on February 24, Binance Holdings Limited also challenged a Wall Street Journal report concerning staff and Iran-linked transactions, calling the story false, misleading, and defamatory and urging the paper to correct or retract it. Richard Teng later said on X that Blumenthal’s inquiry relied heavily on that Wall Street Journal report.
Responding further to Blumenthal’s claims, Binance said that in 2025 alone it processed more than 71,000 law-enforcement requests. Over the last three years, it said it helped agencies seize more than $752 million in illicit assets—including nearly $579 million for U.S. authorities—and reported that exposure to major Iranian exchanges fell by 97.3% over two years.
Binance describes itself as a global blockchain ecosystem centered on what it calls the world’s largest digital asset exchange by trading volume. The company says it serves more than 300 million registered users across more than 180 countries and has expanded beyond trading into payments, education, research, and broader Web3 infrastructure.
