US senators call on Binance to disclose finances, claim exchange evaded regulators

Three U.S. senators have called on Binance, the world's largest cryptocurrency exchange by volume, to disclose its balance sheets and raised serious doubts over its regulatory compliance. In a bipartisan letter citing media reports, U.S. Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Roger Marshall (R-KS) claimed that Binance repeatedly evaded regulators and hid basic financial information from the public. "What little information about Binance's finances is available to the public suggests that the exchange is a hotbed of illegal financial activity that facilitated over $10B in payments to criminals and sanctions evaders," the letter read . The senators alleged that despite calls for greater transparency following the collapse of bankrupt exchange FTX ( FTT-USD ), Binance continues to evade regulatory oversight. "Your companies' apparent attempts at evading enforcement of anti-money laundering laws and other financial regulations cast serious doubt on the stability and legitimacy of Binance and related entities, and on your commitment to your customers," they said. The senators called on Binance to release its balance sheets, user base details, compliance policies, and alist of all U.S.-based platforms that used its portal for trading or lending services. "A lot of misinformation has been spread about our company and we look forward to correcting the record," a Binance spokesperson told Seeking Alpha. "Binance.com does not operate in the U.S., nor do we have U.S.-based customers. However, we appreciate the senators' request and will provide information to help them understand why we remain the most trusted platform." Earlier, Binance was said to be mulling cutting off ties with certain U.S. affiliates amid recent regulatory crackdown .