Binance issued a statement in response to a letter of inquiry from U.S. Senator Richard Blumenthal dated February 24, 2026, regarding anti-money laundering issues. The inquiry was partly based on recent media reports alleging that the allegations were "false, lacking evidence, and defamatory." Binance emphasized that the company has a rigorous and continuously strengthened compliance and sanctions control system. Binance stated that it has established strict KYC and compliance procedures and explicitly prohibits users located or residing in Iran from using the platform. Regarding the two entities mentioned in the letter, Hexa Whale and Blessed Trust, Binance stated that it launched an internal investigation in cooperation with law enforcement agencies and removed these entities from the platform in August 2025 and January 2026, respectively. Furthermore, to the best of its knowledge, no Binance account has directly transacted with Iranian entities. Binance has invested hundreds of millions of dollars in compliance infrastructure in recent years, and its global compliance team currently exceeds 1,500 people. In 2025, Binance processed over 71,000 requests from law enforcement agencies and assisted them in freezing or recovering over $752 million in funds over the past three years, of which approximately $579 million came from cases involving U.S. government agencies. Furthermore, Binance cited blockchain analytics data showing that between January 2024 and July 2025, the percentage of wallet transactions on the platform involved in suspected illicit activities decreased from 0.284% to 0.009%, a drop of nearly 97%. Exposure to Iranian-related crypto exchanges also decreased by 97.3% within two years. Binance stated that when credible risk information is discovered, the company conducts investigations, takes risk mitigation measures, closes relevant accounts, and reports to law enforcement agencies, and will continue to strengthen its compliance system and law enforcement cooperation.
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