Overview
- Blumenthal sent Binance CEO Richard Teng a letter seeking records on alleged Iran- and Russia-linked transactions and the handling of internal warnings, with a March 6 deadline.
- The request targets dealings tied to Hong Kong entities Blessed Trust and Hexa Whale, which reports said routed funds to Iranian networks, including groups such as Yemen’s Houthis.
- Major outlets reported roughly $1.0–$1.7 billion in Iran-linked transfers and said investigators were disciplined after flagging concerns, including findings that over 1,500 accounts were accessed from Iran.
- Binance rejects the accounts, says no staff were dismissed for raising compliance issues, reports a 96.8% drop in sanctions exposure to 0.009% of volume, and cites 71,000 law‑enforcement requests in 2025 and a 97% cut in direct exposure to four Iranian exchanges to about $110,000 by January 2026.
- The exchange sent legal letters accusing the Wall Street Journal of defamation and said a full report would be provided to the U.S. Justice Department on Feb. 25, while Binance.US separately signals renewed expansion after the SEC case was dismissed.