Binance News: Since the mid of last year, the world’s largest crypto exchange Binance has been on a roller coaster ride, and it all started with the revelation of the FTX crisis. The crypto giant is now being accused of fostering illegal operations by a bipartisan group of prominent U.S. senators, and are currently demanding answers to their list of accusations — in what seems to be an endless trauma for the exchange.
In a letter dated March 1 addressed to Binance CEO Changpeng “CZ” Zhao, the group reportedly asked for information on the company’s balance sheets, internal policies, and any conversations pertaining to Zhao’s suspected attempts to restrict compliance. The letter further entails that Binance and its affiliated companies have knowingly sidestepped regulators, transferred funds to criminals and sanctions violators, and concealed basic financial information from its users and the general public.
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The group of senators comprising of Elizabeth Warren, Chris Van Hollen, and Roger Marshall also requested copies of Binance’s balance sheets dating back to 2017, as well as estimates of the number of users based in the United States who used the exchange’s services during that particular time period.
The senators’ final deadline for a response has been set for March 16. They have additionally asked for documentation of Binance’s anti-money-laundering (AML) policies and procedures, as well as information on the relationship between the global exchange and its U.S. subsidiary, Binance.US, and any information about other affiliate companies evading regulations in the country.
In an official statement issued by Binance, the exchange claimed that a lot of misinformation had been propagated about them, however, they welcome the senators’ request and would share the required information to assist them in better understanding the crypto conglomerate.
Reacting to this particular Binance news, the exchange’s native token, BNB, has fallen victim to widespread FUD and as things currently stand, BNB’s price is changing hands at around $297, which represents a 1.72% drop in the past 24 hours, compared to a decrease of 3.81% over the previous seven days.
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