The three Bipartisan US senators, Elizabeth Warren (D. Mass.), Chairs Van Hollen (D., MD.) and Roger Marshall (R., Kam), have published a controversial letter. It targets the world’s giant cryptocurrency exchange Binance for money laundering and appears as a “Hotbed” of all illegal activities.
The Senators wrote the letter to Brian Shroder, Binance.US President Binance, and CEO Changpeng Zhao with many questions concerning illegal activity undertaken by the crypto exchange.
As per the letter, “Binance and its related entities have purposefully evaded regulators, moved assets to criminal and sanctions and hidden basic financial information from its customers and public.”
The letter was sent to Binance’s Chief Executive Officer (CEO) Changpeng Zhao (CZ) on Wednesday, 03/01/23. They demanded information on internal policies, the company’s balance statement, and correspondence addressing Zhao’s purported attempts to restrict compliance.
Binance is the largest cryptocurrency exchange as of now. And the statement admonished Binance’s effort to comply, “Binance’s business strategy appears to depend, at least in part, on the maintenance of a laughably weak anti-money laundering compliance program.”
The senators asked Zhao to provide the balance sheet of the Binance exchange dating after 2016. The senators want to evaluate the number of U.S.-based users on the exchange during that time.
American government authorities, including the Department of Justice, the Internal Revenue Service and the SEC, have been looking into it for the past few years.
The representative of Binance stated that exchanges always respond to and solve queries from countries where it conducts business, and the letter’s charges were false.
Several unfair allegations have been made regarding the exchange, and as the representative emphasised, it is eager to set the record straight. Additionally, Binance.com, the corporation entity, neither operates nor has clients in the United States.
Binance will soon “provide information” to the senators for better understanding.
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