Binance said on March 6 that a recent Senate inquiry led by Senator Richard Blumenthal relied on media reporting the company described as false and inaccurate, while defending its sanctions controls, law-enforcement cooperation, and offboarding actions as evidence of an active and well-resourced compliance program.
The issue arose after Blumenthal launched an initial Senate inquiry into Binance on February 24, requesting records related to reports alleging possible Iran- and Russia-linked activity on the exchange, according to Blumenthal's office. The move signals renewed congressional attention to sanctions compliance, while Binance has pushed back by defending its compliance measures and contesting the central claims.
Binance said that Blumenthal’s inquiry drew "in significant part" from recent media coverage the company characterized as false, unsubstantiated, and defamatory. The company contended that the reporting misrepresented its sanctions controls and investigative efforts. It maintained that its own record demonstrates proactive reviews, offboarding measures, and a compliance program that has grown substantially in recent years.
In a letter dated February 24, 2026, Binance Holdings Limited, represented by Withers Bergman LLP, wrote to The Wall Street Journal to challenge an article titled "Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities," the same reporting Blumenthal's inquiry relied on. The letter contends that the story is false, highly misleading, and defamatory, and calls for an immediate correction or retraction, along with the removal of the article until any correction is made according to Richard Teng.
Binance says its cooperation record undercuts the picture of a platform turning a blind eye. In 2025 alone, it says it processed more than 71,000 law-enforcement requests, and over the last three years, helped agencies seize more than $752 million in illicit assets, including nearly $579 million for U.S. authorities. In the same response, Binance says exposure to major Iranian exchanges fell 97.3% over two years.
Founded in 2017, Binance has grown into what it describes as the world’s largest digital asset exchange by user base and trading activity. The company operates an ecosystem including spot and derivatives markets as well as payment tools and custodial services. It emphasizes security, education, and regulatory cooperation as core pillars supporting its global community.
