Binance formally denies allegations of violating Iran sanctions

Binance has publicly released its response after U.S. Senator Richard Blumenthal, the ranking member of the Senate Committee on Homeland Security, demanded the exchange provide documents and answers regarding allegations it violated sanctions against Iran. The exchange stated that the sanctions violation allegations raised by the media are false and the result of a misunderstanding. Binance emphasized that it has strict Know Your Customer (KYC) and sanctions control procedures, under which it prohibits service to Iranian users and corporate accounts identified by law enforcement during investigations. The company also highlighted its ongoing cooperation with authorities.