Elizabeth Warren asks DOJ to investigate Binance’s statements to Congress News ▸ US ▸ Binance ▸ Regulation
Elizabeth Warren asks DOJ to investigate Binance’s statements to Congress
Warren said that the DOJ could impose fines and imprisonment on Binance executives.
1 min read
Updated: Jul. 9, 2023 at 1:11 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
Senators said June 8 that the U.S. Department of Justice should investigate statements previously made by Binance and take action as necessary.
Democratic senators Elizabeth Warren and Chris Van Hollen alleged that Binance and Binance.US made false statements to Congress in a March 2023 letter.
At that time, Binance said that its global and U.S. companies are separate entities and that Binance.US is highly compliant with regulations.
Senators says Binance ‘undermined’ process
However, senators said that these statements are not true in light of the U.S. Securities and Exchange Commission (SEC)’s new charges against Binance and associated parties. That case notably describes Binance CEO Changpeng Zhao’s alleged role in helping U.S. customers evade geographic blocks — a fact mentioned by senators today.
Senators said that Binance’s apparently dishonest response is critical because bipartisan regulators originally sought information that would inform the introduction of new laws. Binance and Binance “undermined this process,” senators said.
DOJ could impose fines, prison time
Senators asserted that Binance and Binance.US’s statements could violate federal law and allow the DOJ to impose fines and imprisonment on executives.
Zhao and many other Binance executives are not citizens of the U.S., and as such, it is unclear to what extent the DOJ could take action against those individuals.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Elizabeth Warren is an American politician and former academic known for being fiercely anti-Bitcoin and anti-crypto.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.