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Elizabeth Warren Asks DOJ to Investigate Binance Statements to Congress

the senators said June 8 That the US 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 the time, Binance said that its global and US companies were separate entities and that Binance.US was highly regulatory compliant.

Senators Say Binance Has ‘Weak’ Process

However, the senators said that these statements are not correct in light of new allegations from the US Securities and Exchange Commission (SEC) against Binance and related parties. The case specifically describes the alleged role of Binance CEO Changpeng Zhao in helping US customers avoid geographic blocks – a fact noted by senators today.

The senators said Binance’s apparently dishonest response was significant because bipartisan regulators originally sought information that would inform the introduction of new laws. The senators said that Binance and Binance “undermined this process”.

DOJ can impose fines, jail time

The senators stressed that the statements by Binance and Binance.US could violate federal law and allow the DOJ to impose fines and prison terms on the executives.

Zhao and several other Binance executives are not US citizens, and as such, it is unclear to what extent the DOJ may take action against those individuals.

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