Senate demands Binance records on $1.7B Iran-linked flows by April 14
Blumenthal presses Binance over Iran‑linked flows. He sets an April 14 deadline.
The senator sent a follow‑up letter on April 1 to co‑CEO Richard Teng. He cites gaps between Binance’s Senate testimony and later media reports. He requests documents and internal records used in prior responses. Source: Senate press release and letter.
He points to a $1.7 billion trail tied to Iran. Binance earlier cited $110,000 to four Iranian exchanges. That discrepancy drives the new demands. Sources: letter, Bitcoinist summary.
What he wants, in full:
- Confirm any transfers with the reported Iran‑linked wallets. Provide wallet addresses. Source: letter.
- Year‑over‑year totals with known Iranian exchanges. Show the methodology behind the $110,000 figure. Clarify if later‑attributed transfers were counted. Source: letter.
- Disclose any compliance tools removed or weakened since Jan 1, 2025. Include screens for illicit indirect transfers. Sources: letter, coverage of indirect transfers.
- State whether Binance declined to investigate, suspend, or remove Iran‑based users. Include VPN and “drop account” cases. Source: letter.
- Detail any discipline of compliance staff who raised concerns or aided law enforcement. Note reports of firings for “unauthorized disclosure.” Sources: letter, Bitcoinist report.
- Provide exact timelines. Account openings, first transfers to Iranian intermediaries, reports to U.S. agencies, and suspensions or removals. Source: letter.
He also flags slow responses to warnings. He cites two months to address alleged terrorist financing tied to Hexa Whale. Another two months to drop a shell entity. At least five months to remove Blessed Trust as a vendor. Source: letter.
He cites internal labels like “Don’t block. Internal accounts.” He says those should trigger more scrutiny, not shield accounts. Source: letter.
Deadline is April 14 under Senate rules. Binance is asked to deliver all records by then. Source: letter.
