- Binance rejected claims it allowed Iranian users, saying allegations cited in the Senate inquiry lacked credible evidence.
- The exchange said accounts linked to Hexa Whale and Blessed Trust were investigated and later removed.
- Binance reported 1,500 compliance staff and over 71,000 law-enforcement requests processed in 2025 during its Senate response.
Global cryptocurrency exchange Binance formally responded to a U.S. Senate inquiry examining possible Iran sanctions exposure on its platform. The response addressed a February 24 letter from Richard Blumenthal. According to Binance, the company rejected allegations raised after media reports questioned its sanctions compliance program.
Binance challenges allegations tied to Senate inquiry
The exchange submitted its response to Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations. The letter was also copied to Ron Johnson, who chairs the subcommittee.
Blumenthal’s inquiry followed reporting by The Wall Street Journal that questioned Binance’s exposure to Iranian entities. However, Binance said those claims lacked credible evidence.
According to Eleanor Hughes, the company voluntarily responded to the Senate letter. She stated that the allegations misrepresented the exchange’s compliance framework and operational progress.
Binance emphasized that it prohibits users located in Iran from accessing the platform. Moreover, the company requires identity verification for every account.
The exchange also addressed claims involving thousands of Iranian accounts. Binance said investigators never confirmed the existence of 2,000 such accounts. Instead, the figure likely related to monitoring attempts to bypass restrictions using VPN services.
Investigations resulted in removal of flagged entities
The Senate inquiry also referenced two trading entities, Hexa Whale and Blessed Trust. Binance said both accounts had indirect links to wallet addresses with potential Iranian connections.
However, the company reported that neither account directly transacted with an Iran-based entity. Law enforcement first contacted Binance in April 2025 regarding transactions linked to external wallets. Authorities suggested the addresses might connect to possible terrorist financing.
Following the request, Binance launched a broader internal investigation. Investigators reviewed account activity and provided transaction logs and identity records to authorities. Binance later removed Hexa Whale from the platform on August 13, 2025. After a second investigation, the company also offboarded Blessed Trust in January 2026.
Compliance operations and enforcement data disclosed
Binance also described its broader compliance framework during the response. According to the company, it invested hundreds of millions of dollars in compliance infrastructure.
The exchange reported that its compliance division now includes more than 1,500 employees worldwide. These teams focus on sanctions enforcement, financial crime investigations, and counterterrorism financing oversight.
In addition, Binance said it processed more than 71,000 law enforcement requests during 2025. Over the past three years, the company helped authorities seize more than $752 million in assets.
Binance also addressed personnel matters mentioned in the inquiry. The company confirmed that some compliance staff recently departed.
However, Binance denied claims that those departures resulted from compliance concerns. It said one employee lost their position after sharing internal user information without authorization.
