- Senator Elizabeth Warren has called for an investigation into Binance’s business practices.
- The Senator wants the Justice Department to investigate whether Binance lied to U.S. lawmakers.
- Senator Elizabeth Warren and Chris Van Hollen have written to the U.S. Attorney General regarding this matter.
Elizabeth Warren, the U.S. Senator from Massachusetts, has called for an investigation into the business activities of Binance. The Democratic Senator has asked the United States Department of Justice to investigate if the world’s largest crypto exchange lied to U.S. lawmakers about its business practices.
According to a report by Bloomberg, Senators Elizabeth Warren and Chris Van Hollen have penned a letter to US Attorney General Merrick Garland voicing concerns over false statements that Binance may have made regarding the autonomy of its American arm Binance US. Describing it as a serious matter, the Democratic politicians called for a probe into the matter.
In March 2023, Senators Elizabeth Warren, Chris Van Hollen, and Roger Marshall sent a strongly worded letter to Binance executives Changpeng Zhao and Brian Schroder, asking for details of the crypto exchange’s finances, compliance, and risk management. The letter described Binance as a “hotbed of illegal financial activity.”
In response, Binance’s Chief Strategy Officer Patrick Hillmann sent a 14-page letter to the US lawmakers, clarifying that Binance and Binance US were two separate entities and that compliance was a top priority for the crypto exchange.
However, the lawsuit filed by the Securities and Exchange Commission (SEC) earlier this week alleged the commingling of funds between the two entities, among other violations. This has prompted the lawmakers to doubt the credibility of Binance’s response to their inquiry into its operations.
In the letter to the Attorney General, the Senators wrote, “It appears that Binance and Binance.US undermined this important investigation and the legislative process by providing false and misleading information to Congress.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
