Senator Elizabeth Warren pressed Attorney General Pam Bondi for details on whether Binance complies with its 2023 settlement agreement, as Bloomberg News reported on Sept. 18.
Warren cited inadequate responses from federal prosecutors regarding the world’s largest cryptocurrency exchange in a letter co-authored by Democratic senators Mazie Hirono and Richard Blumenthal.
The letter demanded confirmation of Binance’s adherence to “ongoing requirements” from the $4.3 billion deal that resolved money-laundering and sanctions violations.
The senators criticized the Justice Department for failing to “meaningfully answer” questions Warren initially raised in May about settlement compliance.
Earlier this month, prosecutors confirmed Binance had paid required financial penalties but noted the company maintains continuing obligations under the agreement, including compliance program improvements.
However, the lawmakers wrote that “this response did not confirm whether or not Binance was, in fact, complying with these ongoing requirements.”
Monitor removal under consideration
The inquiry comes as prosecutors are weighing whether to remove Binance’s court-appointed compliance monitor, a key component of the 2023 settlement.
Authorities installed the monitor to oversee the exchange’s adherence to anti-money laundering and sanctions compliance requirements.
Warren’s letter also sought details on interactions between Binance and President Donald Trump administration officials, reflecting concerns about the exchange’s connections to World Liberty Financial.
Binance’s late 2023 agreement with federal authorities resolved criminal charges related to facilitating transactions for sanctioned entities and failing to implement adequate anti-money laundering programs.
The deal required the exchange to pay $4.3 billion in penalties and accept ongoing regulatory oversight.
The settlement marked one of the largest enforcement actions against a cryptocurrency firm, as prosecutors sought to address compliance failures that allowed illicit financial activities to flourish on the platform.
Also, as a part of the settlement, Binance founder Changpeng Zhao served a four-month prison sentence. He was released in September 2024 and sought a presidential pardon in May.
The senators’ pressure campaign stressed ongoing congressional scrutiny of cryptocurrency regulation, despite the recent regulatory moves led by Trump signing the GENIUS Act into law.