Senator Opens Binance Probe Into Alleged Iran, Russia Violations

A senior US senator opened an inquiry into crypto exchange Binance Holdings Ltd. following news reports of its involvement in funneling nearly $2 billion to Iranian government groups designated as terrorist organizations and helping to evade US sanctions on Russian oil.

In a Tuesday letter to Richard Teng, Binance’s co-chief executive officer, Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, said he was seeking information and records from Binance about the alleged transactions, as well as the reported termination of compliance personnel who discovered the activity.

Senator Richard Blumenthal

Photographer: Aaron Schwartz/Bloomberg

“The scale of the newly-revealed illicit transfers ...