Binance's response to U.S. Senators lacks financial information: Report
Binance has answered a letter from United States Senators from early March requesting information about the crypto exchange operations in the country, including its balance sheet.
According to a report on March 18, Binance's response did not include the financial data requested. Bloomberg learned from an anonymous source that despite being omitted from the letter, the exchange sent the information to U.S. regulators.
In the 14-page document, Binance chief strategy officer Patrick Hillman dives into the exchange's compliance history, recognizing previous mistakes and claiming the firm has built solid Know Your Customer and Anti-Money Laundering policies in the past years. The response, however, failed to address the senator's concerns about Binance's lack of transparency.
Hillman noted in the letter:
On March 2, three U.S. senators led by Elizabeth Warren sent a letter to Binance CEO Changpeng “CZ” Zhao and Binance.US CEO Brian Shroder, raising concerns about Binance's activities and requesting the companies balance sheets.
According to the Senators, there is evidence that Binance and its American arm attempted to evade U.S. regulators, evade sanctions and facilitated the laundering of at least $10 billion. “What little information about Binance’s finances is available to the public suggests that the exchange is a hotbed of illegal financial activity,” the senators wrote in the letter.
Binance has previously stated that the two companies are separate entities with independent management and operations.
Among the senator's requests were “all Binance and Binance subsidiary balance sheets from 2017 to the present,” as well as Anti-Money Laundering and similar policies, and documents about the relationship between Binance and
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