Three U.S. Senators have asked giant cryptocurrency exchange Binance and its U.S. partner Binance.US for information about their regulatory compliance and finances, citing a series of investigations by Reuters and some other media reports, according to a letter released on Wednesday.In the letter, Democr
Three U.S. Senators have asked giant cryptocurrency exchange Binance and its U.S. partner Binance.US for information about their regulatory compliance and finances, citing a series of investigations by Reuters and some other media reports, according to a letter released on Wednesday.
In a statement, Binance said that"a lot of misinformation has been spread about our company" but that"we appreciate the senators' request" and that it will provide information to help them better understand the firm. The collapse of rival crypto exchange FTX, whose founder Sam Bankman-Fried has been charged with fraud, “underscored the need for real transparency and accountability in the crypto industry," the senators wrote.The letter cited Reuters articles from last year that found that Binance intentionally kept weak anti-money laundering controls, processed over $10 billion in payments for criminals and companies seeking to evade U.S.
Binance.US publicly maintains that it is entirely independent of the global Binance.com exchange and operates as its “US partner.” However, Reuters has reported that, in fact, Binance created Binance.US as a de facto subsidiary to draw the scrutiny of U.S. regulators away from Binance.com.
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