Warren Seeks Details on Binance Compliance With 2023 Settlement

(Bloomberg) -- Senator Elizabeth Warren is pressing the Justice Department on whether the world’s biggest crypto exchange, Binance Holdings Ltd., is adhering to a 2023 agreement with federal prosecutors over money-laundering and sanctions violations.

The Massachusetts lawmaker, and two other Democratic senators, sent a letter to Attorney General Pam Bondi asking for the department to confirm whether Binance was complying with “ongoing requirements” as part of the settlement. The senators also sought details on any interactions between the company and Trump administration officials, according to a copy of the letter reviewed by Bloomberg News.

As part of its deal with the US government in late 2023, Binance agreed to pay $4.3 billion and accept other penalties. Bloomberg reported this week that prosecutors are weighing whether to let the exchange shed a compliance monitor, which was imposed under the deal.

In their Sept. 17 letter, the senators said the department didn’t “meaningfully answer” questions that Warren had asked the officials in May about Binance’s adherence to the settlement. According to the senators, earlier this month the Justice Department said Binance had “paid all the penalties due to the department” but added that the company still had continuing obligations under the deal, including bolstering its compliance program.

“Notably, this response did not confirm whether or not Binance was, in fact, complying with these “ongoing requirements,’” the senators wrote.

The Justice Department declined to comment.

The lawmakers, who also include senators Mazie K. Hirono of Hawaii and Richard Blumenthal of Connecticut, said they were seeking more information following reports that the Justice Department was considering dropping the monitor, as well as increased ties between Binance and the Trump family-linked firm World Liberty Financial.

--With assistance from Chris Strohm.

More stories like this are available on bloomberg.com

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