A group of Democratic senators says they will oversee the Department of Justice's investigation into potential violations of Iran-related sanctions by cryptocurrency exchange Binance.
The senators stated, "Binance has a proven track record of prioritizing profits over the law." They added that the report raises "serious concerns that the company has once again violated U.S. sanctions laws, recklessly helping to finance the activities of terrorist organizations affiliated with Iran."
Binance has filed a defamation lawsuit against The Wall Street Journal.
Reports indicate that Binance dismissed employees who flagged $1 billion worth of cryptocurrency linked to sanctioned Iranian entities, including the Houthi rebels in Yemen and the Islamic Revolutionary Guard Corps.
Binance denies that it has stopped any investigations and claims that The Wall Street Journal's reporting is inaccurate.
Binance pleaded guilty in November 2023 to violating U.S. anti-money laundering and sanctions laws, paying a record $4.3 billion in penalties and agreeing to operate under U.S. supervision.