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The Trump administration is being aggressively questioned by Democratic senators on seemingly lax oversight of Binance regarding some funds that ended up in the wrong hands in Iran, pouring cold water on President Trump’s parade as Iran relented on its Strait of Hormuz blockade in a peace deal that looked elusive until it was announced. Adding to the controversy is the lenient settlement with a Turkish bank accused of laundering billions for Iran, which not only lets the bank off but also deprives American victims of Iranian-linked terrorism of necessary funds. Senators question lax oversight of Binance On Friday, Senator Richard Blumenthal (D-Conn.) sent urgent letters to the Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) demanding answers regarding the status of two independent monitors assigned to Binance.  A day before sending these letters, Blumenthal joined Senate Democratic Leader Chuck Schumer and Senator Adam Schiff in investigating the DOJ’s decision to drop criminal charges against Turkiye Halk Bankasi (Halkbank) without imposing a single dollar in fines.  The federal oversight of Binance in question was part of a 2023 settlement where the company paid a $4.3 billion fine for failing to maintain proper anti-money laundering (AML) controls. Alongside that, the government installed two monitors to watch the exchange’s every move. Frances McLeod reports to the DOJ, while Sharon Cohen Levin reports to FinCEN.  However, in the Senator’s letters sent Friday and seen by Fortune, he mentions “mounting allegations of dangerously lax anti-money laundering prevention” and recent reports that over $1.7 billion in crypto flowed through Binance to Iran-linked wallets.  Reports have also surfaced that the DOJ paused corporate monitorships for companies like Glencore and Boeing back in 2025.  Blumenthal stated that Binance allegedly took two months to respond to law enforcement about terrorist financing and five…

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Filed under: News - @ April 17, 2026 7:23 pm