Senator Richard Blumenthal, evidently with nothing better to do on April 1, decided to grace Binance’s co‑CEO Richard Teng with yet another letter. It seems the good senator wishes for explanations regarding the curious contradictions between Binance’s Senate testimony and the more colorful tales reported in the newspapers about transactions dancing around Iran.
Our New Haven Democrat, apparently allergic to ambiguity, suspects that Binance may have “misrepresented or misled” the Subcommittee and the public. He boldly requests the very documents the company leaned upon when crafting its previous, presumably artistic, responses.
Senate Demands Wallets, Ledgers, and a Side of Humility
Blumenthal’s missive follows reporting by Fortune and The New York Times, which traced roughly $1.7 billion in Binance‑linked flows to Iranian-connected entities-a figure dwarfing the modest $110,000 previously claimed by Binance. Quite the inflation, one might say.
The senator, clearly alarmed by the discrepancy and Binance’s leisurely pace in submitting requested materials, insists this raises doubts about the exchange’s candor and compliance. Imagine that.
The letter enumerates questions and document requests in meticulous detail. Binance must reveal whether any accounts sent or received funds from Iran‑linked wallets and, shockingly, provide the actual wallet addresses. Blumenthal also requests a year‑over‑year accounting of transactions and an explanation of the methodology behind that $110,000 number, asking whether any “oops, indirect transfers” were sneakily counted or ignored.
Compliance practices come under the microscope as well. Has Binance removed, weakened, or napped through any detection tools since January 1, 2025? Did they look the other way for VPN‑using Iranians or “drop accounts”? And heaven forbid, were any internal whistleblowers disciplined for simply pointing out problems?
Binance Has Until April 14 (No Pressure)
Blumenthal laments Binance’s leisurely response to law enforcement alerts. Two months here, five months there-the pace would make a tortoise feel spry. Even internal labels like “Don’t block. Internal accounts” apparently didn’t inspire the urgency one might expect.
The senator now demands precise dates: account openings, fund movements, law enforcement notifications, and eventual suspensions or removals. All to be delivered by the arbitrary yet ominous deadline of April 14. Failure may result in stern frowns and official paperwork, naturally.
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2026-04-04 08:10