U.S. Senators Demand Rigorous DOJ Probe into Binance Over Iran Sanctions Concerns
A bipartisan group of U.S. senators is pledging active oversight of a reported Justice Department investigation into whether the cryptocurrency exchange Binance facilitated transactions that helped Iran evade international sanctions.
The statement, issued on Thursday by Senators Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Ruben Gallego (D-AZ), follows a Wall Street Journal report citing individuals familiar with the matter. The report said the DOJ is examining if Iran used Binance to move funds despite stringent U.S. sanctions.
“We will conduct oversight to ensure the Department of Justice conducts a serious investigation into Binance and holds the company accountable for any wrongdoing,” the senators stated. They expressed deep concern that Binance might be “recklessly helping bankroll the activities of terrorist groups connected to Iran,” citing the firm’s “established track record of putting profits ahead of the law.”
This scrutiny builds on a formal request the senators sent last month to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, urging an investigation into the movement of Iran-linked funds through the platform.
Binance’s History of Regulatory Scrutiny
The senators’ call for a rigorous probe is grounded in Binance’s recent legal history. In November 2023, the company pleaded guilty to violating U.S. anti-money laundering and sanctions laws, agreeing to a then-record $4.3 billion financial penalty and a compliance monitorship overseen by the U.S. government. Its former CEO, Changpeng Zhao, pleaded guilty to a related charge and was sentenced to four months in prison in 2024. President Donald Trump later pardoned Zhao in October 2025.
In response to the latest WSJ report, a Binance spokesperson previously told Cointelegraph the company was “not aware of any investigations” but affirmed it “collaborat[es] with regulators and law enforcement.” Binance did not immediately provide additional comment for this article.
Binance Sues Wall Street Journal for Defamation
The heightened political and regulatory pressure coincides with Binance initiating a defamation lawsuit against the Wall Street Journal on Wednesday. The suit challenges a February 23 report that claimed Binance fired employees who flagged approximately $1 billion in cryptocurrency transactions linked to sanctioned Iranian entities, including the Houthis and the Islamic Revolutionary Guard Corps.
Binance has categorically denied the report’s core assertion, stating it did not halt any such internal investigation and that the Journal’s story was false. The legal action underscores the escalating conflict between the global exchange and major media outlets reporting on its compliance practices.
This dual front—facing both a potential new criminal investigation from the DOJ and a defamation suit it initiated—highlights the persistent legal and reputational challenges confronting one of the world’s largest cryptocurrency platforms as it operates under a stringent U.S. compliance agreement.
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