Senators Press Trump Administration Over Binance Dealings

A group of Democratic lawmakers led by U.S. Senator Elizabeth Warren (D-Mass.) is demanding answers from the Trump administration about its reported interactions with Binance, the world’s largest cryptocurrency exchange.

In a letter sent Thursday to Attorney General Pam Bondi, Warren and fellow Senators Mazie Hirono (D-Hawaii) and Richard Blumenthal (D-Conn.) raised concerns over reports that Binance may soon reach a settlement with the U.S. Department of Justice (DOJ).

The deal would reportedly allow the exchange to drop an independent compliance officer imposed by the court following its 2023 guilty plea.

Questions About Binance Compliance and Oversight

Binance admitted to money-laundering and sanctions violations in 2023 and agreed to oversight by two independent compliance officers appointed by the U.S. Treasury and the DOJ. The senators’ letter highlights their worries that federal authorities might loosen these requirements without ensuring the company’s full compliance.

The lawmakers noted that they first sought clarification from the DOJ in May regarding Binance’s regulatory obligations, its potential exit from the U.S. market, and ongoing discussions with federal officials. They also requested information about the possibility of a presidential pardon for former Binance CEO Changpeng Zhao, who stepped down as part of the plea agreement.

“Since May, President Trump and his family have increased their financial ties to Binance through their company, World Liberty Financial, and just this week, news broke that Binance may be ‘moving toward a potential deal with the U.S. Justice Department that would allow it to drop its outside compliance monitor,’” the senators wrote.

Call for Updated Responses by October

The letter criticizes the DOJ for what the senators describe as inadequate responses to earlier inquiries. While the department reportedly confirmed that Binance has paid all required penalties and remains subject to “ongoing requirements,” it did not specify whether those requirements are being enforced or met.

Warren, who serves as the ranking member of the Senate Banking, Housing, and Urban Affairs Committee, joined Hirono and Blumenthal in demanding updated answers by October 1. The senators argue that the public deserves transparency about any agreements that could lessen oversight of a company previously convicted of serious financial crimes.

The Trump administration has not yet commented on the letter. The DOJ also declined to provide additional details, leaving open questions about the future of Binance’s U.S. compliance obligations and the role of federal regulators in monitoring the exchange.