TLDR
- Binance told a U.S. Senate panel it found no direct transactions between its platform and Iranian entities
- The exchange says it only found indirect exposure to potentially Iran-linked wallets, which were removed
- Binance called media reports from the NYT, WSJ, and Fortune “demonstrably false” and “defamatory”
- Two entities — Hexa Whale and Blessed Trust — had accounts removed after internal investigations
- The Senate inquiry also follows scrutiny of Trump-Binance ties linked to a $2 billion stablecoin deal
Binance, the world’s largest crypto exchange, has formally responded to a U.S. Senate investigation, saying it found no evidence that any account on its platform sent crypto directly to Iranian entities.
We have voluntarily responded to Senator Blumenthal’s letter, which references the defamatory allegations and claims first reported by The Wall Street Journal.
We take these allegations seriously. They misrepresent both the work we do every day and the substantial progress we…
— Binance (@binance) March 6, 2026
In a letter dated March 6, Binance replied to Sen. Richard Blumenthal’s Permanent Subcommittee on Investigations. The letter was also addressed to Sen. Ron Johnson. A group of 11 senators had launched the inquiry in February.
The Senate probe came after media reports claimed Binance had allowed more than $1 billion in crypto transactions to flow to Iran-linked groups. Binance disputed that framing entirely.
The exchange said its internal review only found indirect exposure to wallets that may have had links to Iran. It said those accounts were subsequently removed from the platform.
Binance identified two entities at the center of the activity: Hexa Whale and Blessed Trust. The exchange said Hexa Whale was removed in August of last year, and Blessed Trust was offboarded in January after investigations were completed.
Binance said the review started after law enforcement contacted the company last April. Authorities provided a list of external wallet addresses they said could be connected to terrorist financing.
The exchange said it cooperated fully, providing user records and transaction data to investigators.
Binance Pushes Back on Media Coverage
Binance took direct aim at the press coverage that sparked the Senate inquiry. The exchange called reports from the New York Times, Wall Street Journal, and Fortune “demonstrably false” and “defamatory in several material respects.”
The reports had alleged that Binance fired employees who raised internal concerns about the Iran-linked transactions. Binance denied this account.
The exchange said most staff departures related to the matter were voluntary. One employee was terminated, but Binance said the reason was a violation of company policy for sharing internal user information externally.
“When there is credible risk information, Binance investigates, mitigates, offboards accounts, and reports to appropriate authorities,” the letter stated.
Senate Inquiry Comes Amid Broader Scrutiny of Binance’s U.S. Ties
The senators’ letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi requested a response by March 13 on whether they planned to investigate Binance. As of Friday, neither had publicly commented.
Binance has history with U.S. regulators. In 2023, it paid $4.3 billion to settle violations of sanctions and anti-money laundering laws. Former CEO Changpeng Zhao stepped down and pleaded guilty to a felony charge, serving a four-month prison sentence.
In October, President Trump pardoned Zhao. That pardon legally removed a bar on Zhao returning to Binance, though he has publicly said he will not return as CEO.
Scrutiny of Trump’s ties to Binance has grown after a UAE-based company, MGX, used the USD1 stablecoin — issued by World Liberty Financial, which is backed by Trump and his sons — to settle a $2 billion investment in Binance. Multiple lawmakers have called the arrangement a conflict of interest.
As of March 6, the Senate subcommittee had not announced any further action following Binance’s response.
