Without Addressing Finances, Binance Responds to US Senators

Published on:

Last Updated on March 19, 2023 by Bitfinsider

According to Friday’s news, which cited a 14-page letter, cryptocurrency exchange Binance replied to criticism from U.S. senators without addressing financials.

Patrick Hillmann, the chief strategy officer at Binance, is said to have outlined the company’s compliance initiatives in the memo but provided scant financial information. The report claims that a large portion of the material requested by senators in a letter dated March 1 was not included in the response.

Elizabeth Warren, a Massachusetts Democrat, Chris van Hollen, a Maryland Democrat, and Roger Marshall, a Kansan Republican, wrote to Binance and Binance.US to inquire about their business practices. “Binance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers and the public,” the trio claimed.

Additionally, the lawmakers requested details regarding the partnership between Binance and Binance U.S. as well as any correspondences regarding purported efforts by Changpeng Zhao, CEO of Binance, to restrict compliance. By March 16, the senators requested an answer.

According to a report, not much of that information was included in Binance’s response, which was dated March 16. Contrary to what is implied in public reporting, the response stressed that Binance and its U.S. arms “are separate entities.”

In an answer to a question about the exchange’s compliance initiatives, it was stated that Binance has a team of roughly 750 core and supporting compliance staff members, including numerous former regulatory and law-enforcement officials.

In order to scan user transactions and profiles in real time, Hillmann’s letter stated that Binance uses both tools from known third-party vendors and tools from within the company. In fact, as a point of comparison, from August 2021 to November 2022, Binance halted more than 54,000 transactions as a consequence of alerts from transaction monitoring.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

Related