Three U.S. senators have called on Binance, the world's largest cryptocurrency exchange by volume, to disclose its balance sheets and raised serious doubts over its regulatory compliance. In a bipartisan letter citing media reports, U.S. Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Roger Marshall (R-KS) claimed that Binance repeatedly evaded regulators and hid basic financial information from the public. "What little information about Binance's finances is available to the public suggests that the exchange is a hotbed of illegal financial activity that facilitated over $10B in payments to criminals and sanctions evaders," the letter read . The senators alleged that despite calls for greater transparency following the collapse of bankrupt exchange FTX ( FTT-USD ), Binance continues to evade regulatory oversight. "Your companies' apparent attempts at evading enforcement of anti-money laundering laws and other financial regulations cast serious doubt on the stability and legitimacy of Binance and related entities, and on your commitment to your customers," they said. The senators called on Binance to release its balance sheets, user base details, compliance policies, and alist of all U.S.-based platforms that used its portal for trading or lending services. "A lot of misinformation has been spread about our company and we look forward to correcting the record," a Binance spokesperson told Seeking Alpha. "Binance.com does not operate in the U.S., nor do we have U.S.-based customers. However, we appreciate the senators' request and will provide information to help them understand why we remain the most trusted platform." Earlier, Binance was said to be mulling cutting off ties with certain U.S. affiliates amid recent regulatory crackdown .
Ethereum Explained: What is Ethereum & How Does it Work? Simply Explained!
DCA: Dollar Cost Averaging in Crypto
What are Blockchain Forks? Hard Fork Vs Soft Fork!
What is Zcash (ZEC)? Zcash Explained!
Donate BTC
Our Partners
Get Crypto Newsletter
Our monthly newsletter contains news, updates and
exclusive bonus opportunities. You may unsubscribe at any time.
Donate BTC
This website uses cookies
By choosing "Accept all cookies" you agree to the use of cookies to help us provide you with a better user experience and to analyse website usage. Only the essential cookies are necessary for the proper functioning of our website and cannot be refused
Cookie settings
Our website stores four types of cookies. At any time you can choose which cookies you accept and which you refuse. You can read more about what cookies are and what types of cookies we store in our Cookie Policy.
are necessary for technical reasons. Without them, this website may not function properly.
are necessary for specific functionality on the website. Without them, some features may be disabled.
allow us to analyse website use and to improve the visitor's experience.
allow us to personalise your experience and to send you relevant content and offers, on this website and other websites.