Senator Elizabeth Warren is intensifying her scrutiny of Binance, the world’s largest cryptocurrency exchange, by demanding clarifications from the US Department of Justice (DOJ) regarding the crypto company’s compliance with a 2023 settlement agreement.
Following years of legal challenges, which culminated in the resignation and brief imprisonment of former CEO Changpeng Zhao (CZ) over allegations of money laundering in the US, Binance appeared to have navigated a path toward a more favorable regulatory environment during Trump’s presidency.
Warren’s letter highlighted several specific inquiries. She requested information about the Department’s efforts to guarantee Binance’s compliance with its plea agreement, the status of the company’s anticipated exit from the US market, and any discussions regarding a potential pardon for Zhao.
The senators also sought details about conversations relating to World Liberty Financial (WLFI), a decentralised finance (DeFi) venture run by the president’s sons, and its plans to list a new stablecoin called USD1 on the Binance platform.
However, the senators asserted that the response failed to address their key questions, particularly regarding Binance’s compliance with ongoing requirements. The letter concluded as follows:
These reports make it more important than ever that the public understand the Trump Administration’s interactions with, and relationship to, Binance and its employees. We therefore once again request meaningful answers to the questions above by no later than October 1, 2025.
This development raises alarms for Democrats, especially given that the Department of Justice has begun to scale back the number of compliance monitors established during the Biden administration.
Featured image from DALL-E, chart from TradingView.com
