Binance responds to US Senators’ letter and highlights compliance and transparency efforts

Binance has shared its response to a letter from US Senators Warren, Van Hollen, and Marshall. 

The letter dispels misconceptions created by certain media reports on Binance and discusses regulation, compliance, and transparency. 

Binance highlights that it prioritizes local regulatory compliance and takes compliance seriously. The company has continually strengthened its compliance controls and regularly engages with U.S. law enforcement.

Binance also highlights its transparency through public blockchain records and proof of reserves. The letter also discusses Binance’s background, growth, and decision to launch a separate U.S. entity, Binance.US

Binance also released a white paper detailing its compliance and regulatory efforts. The paper highlights the company’s commitment to transparency, including providing regular reports on compliance efforts and working closely with regulators. 

The company also emphasizes the expertise of its compliance leadership team, which is comprised of subject matter experts with years of experience at major financial institutions and regulatory agencies. 

Binance takes sanctions compliance seriously and has voluntarily put in place measures to avoid involvement in transactions that would be barred by trade restrictions and economic sanctions laws. 

Additionally, Binance proactively cooperates and partners with local law enforcement, and as of February 2023, the company had collaborated, and in some instances proactively engaged, on 96 highly sensitive law enforcement matters.

The full article can be accessed here.