Senators question Binance transparency

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Updated March 3, 2023 | Published March 3, 2023

2 mins read

Binance has agreed to provide senators with requested information in light on ongoing probe into business activity.

A group of senators from both political camps have joined forces to look into Binance, the world’s largest cryptocurrency exchange.

They are investigating the company’s behavior in the wake of rival exchange FTX’s bankruptcy. The lawmakers wish to explore any potential illegal practices by the exchange.

Among those questioning Binance are senators Elizabeth Warren, Chris Van Hollen and Roger Marshall.

They have placed a formal request with Binance to gain access to documents that have to do with the company’s finances, compliance, and risk management practices.

In a letter to Binance chief executive officer Changpeng Zhao and Binance.US boss Brian Shroder, they said: “In the years since Binance’s founding, the company has faced increasingly disturbing allegations regarding the legality of its operations.”

All the while, the Justice Department has been investigating Binance over alleged breaches of anti-money laundering and sanctions laws.

However, Binance seems determined to “correct the record” about its operations and establish itself as a trusted cryptocurrency entity.

The company responded to the letter and said that it did not operate in the US nor did it have any customers from the country.

The cryptocurrency exchange said that it would provide the requested details to the senators to help them understand why Binance remained the most trusted cryptocurrency platform in the world.

Similarly, Binance.US spokesperson added that the company welcomed the interest and engagement from policymakers and was going to assist the senators with the requested information.

The letter accuses Binance of a litany of questionable practices – from lack of transparency to a refusal to disclose where it is registered and headquartered.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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