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This article first appeared on GuruFocus.
Sen. Elizabeth Warren is again turning up the heat on Binance, questioning whether the world’s largest crypto exchange is living up to its $4.3 billion settlement with the Justice Department over anti-money laundering violations.
In a letter to Attorney General Pam Bondi, Warren, joined by Sens. Mazie Hirono and Richard Blum (Trades, Portfolio)enthal, asked for clarity on Binance’s compliance and whether the firm had contacts with Trump administration officials, Bloomberg reported. The 2023 settlement forced Binance to pay billions in fines and saw CEO Changpeng Zhao step aside, while also requiring tighter oversight through an outside compliance monitor.
But recent reports suggest Binance is lobbying to remove that monitor. The DOJ has said the company has paid its fines but still must strengthen its compliance program something Warren says remains unverified.
The questions come as Bitcoin (BTC-USD) and the broader crypto market continue to battle regulatory uncertainty. For investors, Binance’s compliance saga underscores the delicate balance between Wall Street’s growing adoption of Bitcoin ETFs and Washington’s scrutiny of the industry’s biggest players.
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