Eleven U.S. senators have called for a federal investigation into Binance's compliance with sanctions.

PANews reported on February 28 that, according to Cointelegraph, 11 U.S. senators have sent a letter to the Treasury and Justice departments requesting a federal investigation into the sanctions compliance of cryptocurrency exchange Binance. The senators cited recent reports alleging that the exchange may have violated U.S. sanctions and anti-money laundering regulations, urging a "full review."

In a letter to the Finance Minister and the Justice Minister, lawmakers cited allegations that approximately $1.7 billion in digital assets flowed through Binance to entities linked to Iran, the Houthis, and the Islamic Revolutionary Guard Corps. Investigators also discovered over 1,500 accounts accessed by Iranian users and potential activities involving Russian sanctions circumvention. The letter stated that compliance staff who discovered suspicious transactions were dismissed, and law enforcement agencies indicated the exchange's cooperation in providing customer information had decreased. Lawmakers also expressed concerns about newly launched payment cards and stablecoin partnerships, believing they could be used to circumvent sanctions. A Binance spokesperson denied the allegations, stating that Binance reports suspicious activity to authorities, does not allow Iranian users, and that recent media reports were inaccurate.