Elizabeth Warren Intensifies Scrutiny Over Binance Settlement Compliance

By: Eliza Bennet

Senator Elizabeth Warren, alongside fellow Democratic senators Mazie Hirono and Richard Blumenthal, has intensified scrutiny over Binance's compliance with its 2023 settlement terms. The senators recently addressed a letter to Attorney General Pam Bondi, pressing for insights into whether the cryptocurrency exchange is adhering to ongoing requirements outlined in its $4.3 billion settlement. This agreement, one of the most significant enforcement actions against a crypto firm to date, resolved money laundering and sanctions violations.

The senator's inquiry emphasizes concerns surrounding insufficient answers from federal prosecutors about Binance's compliance. While authorities have acknowledged Binance's payment of financial penalties, doubts remain about the firm’s completion of compliance obligations. Furthermore, considerations are underway regarding the potential removal of Binance's court-appointed compliance monitor, which was initially put in place to oversee adherence to anti-money laundering and sanctions requirements.

Warren’s letter also requests information on Binance's interactions with the Trump administration, particularly addressing potential connections to World Liberty Financial. These developments underscore ongoing congressional vigilance towards cryptocurrency regulation, in light of President Trump's legislative moves such as the GENIUS Act.

Additionally, Binance's co-founder, Changpeng Zhao, who served a brief prison sentence as part of the settlement, sought a presidential pardon post-release. This scenario unfolds amid a backdrop of continuing regulatory pressure, urging stringent oversight and transparency within the crypto sector.