Senator Elizabeth Warren and her colleagues are continuing to press Attorney General Pam Bondi for details on whether Binance is complying with its 2023 settlement agreement, as reported by Bloomberg News on Sept. 18.
In a letter co-authored by Democratic senators Mazie Hirono and Richard Blumenthal, Warren expressed frustration with the lack of information provided by federal prosecutors regarding the world’s largest cryptocurrency exchange. The letter specifically requested confirmation of Binance’s adherence to the “ongoing requirements” outlined in the $4.3 billion deal that resolved money-laundering and sanctions violations.
Despite prosecutors confirming that Binance had paid the required financial penalties, they noted that the company still has obligations under the agreement, including improvements to its compliance program. However, Warren and her colleagues criticized the Justice Department for not providing a clear answer on whether Binance is actually complying with these ongoing requirements.
One key aspect of the inquiry is the potential removal of Binance’s court-appointed compliance monitor, which was put in place to oversee the exchange’s compliance with anti-money laundering and sanctions requirements. The senators are also seeking information on Binance’s interactions with officials from the Trump administration, particularly concerning its connections to World Liberty Financial.
The 2023 agreement between Binance and federal authorities resolved criminal charges related to facilitating transactions for sanctioned entities and failing to implement adequate anti-money laundering programs. As part of the settlement, Binance was required to pay $4.3 billion in penalties and accept ongoing regulatory oversight. This marked one of the largest enforcement actions against a cryptocurrency firm, aimed at addressing compliance failures that allowed illicit financial activities to thrive on the platform.
Additionally, Binance founder Changpeng Zhao served a four-month prison sentence as part of the settlement. He was released in September 2024 and had previously sought a presidential pardon in May.
The ongoing scrutiny of cryptocurrency regulation by Warren and her colleagues highlights the continued importance of regulatory oversight in the industry, despite recent moves such as President Trump signing the GENIUS Act into law.
This article provides an overview of the latest developments in the Binance settlement agreement and the efforts by Senator Elizabeth Warren and her colleagues to ensure compliance and accountability in the cryptocurrency industry.