Binance, the world’s largest crypto exchange, is facing a U.S. congressional deadline as Senator Richard Blumenthal demands records on its financial operations and compliance history.
The exchange, along with Tether, World Liberty Financial (WLFI) and Fight Fight Fight LLC, has until January 4, 2027, to voluntarily provide documents or face possible further action.
Senator Blumenthal set the new deadline after months of congressional requests that he says have not received enough cooperation.
In February, Blumenthal cited reports that around $1.7 billion in crypto transfers had moved to Iranian entities and Russia’s shadow fleet through Binance-linked activity.
Investigators are seeking records on Binance’s compliance systems, internal audits, suspicious transactions, wallet activity, and communications with regulators and government agencies.
They are also examining Binance’s use of Tether’s USDT and WLFI’s USD1 in transactions that may involve sanctions evasion, money laundering, and terrorist financing.
The Senate investigation goes beyond Binance’s transaction records. It is also examining other crypto companies and businesses linked to the Trump family.
Tether is facing questions over the alleged use of USDT in Iran’s shadow banking network. A September Senate report reviewed 846 wallets linked to sanctions or asset seizures. It found that 84% had used USDT almost exclusively.
Meanwhile, WLFI and Fight Fight Fight are facing questions about foreign investments, company ownership, and possible conflicts of interest. Blumenthal previously raised concerns about a $500 million UAE-linked investment for a 49% stake in WLFI.
Meanwhile, WLFI and Fight Fight Fight must begin producing documents earlier, with an interim deadline set for November 30.
The timing of the deadline is significant. Blumenthal is expected to become chair of the Senate Permanent Subcommittee on Investigations when the new Congress begins on January 3.
That means the January 4 deadline arrives just one day after the expected change in leadership.
Blumenthal has warned that failure to voluntarily provide the requested records could force the committee to consider alternative measures to obtain compliance.
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