- Binance asserts its compliance systems worked and it has not violated US sanctions laws.
- The exchange claims a senator’s inquiry demonstrates a lack of understanding of the crypto industry.
- Binance holds regulatory approvals in 21 jurisdictions and recently surpassed $70 billion in commodity trading volume.
In a letter published on Friday, Binance told US Senators it has not violated any US sanctions laws, specifically addressing claims by Connecticut Senator Richard Blumenthal. The letter states that allegations about Iranian-linked accounts operating on the platform are false and calls the inquiry an attack on cryptocurrency.
Binance detailed that its compliance procedures identify and report suspicious activity, demonstrating that its systems worked as intended. Consequently, the company stated that no investigators were dismissed for raising compliance concerns.
The exchange continued that the letter “demonstrates a lack of understanding about the industry and our underlying technology,” according to its response. It further asserted the inquiry misrepresents its work and what strong compliance looks like in practice.
Binance emphasized its efforts to comply with all federal laws and sanctions to become the most regulated exchange. This is evidenced by the stringent compliance standards under its global license with the ADGM and operations in 21 jurisdictions where it holds regulatory approvals.
Meanwhile, Binance showcased its market growth, having recently surpassed $70 billion in commodity trading volume after launching Gold and silver futures. This expansion beyond traditional digital assets has proven successful for one of the world’s largest crypto trading platforms.
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