Binance, Tether and Trump's cryptos in the sights of the US Senate
Democratic Senator Richard Blumenthal is giving Binance, Tether and two crypto companies linked to Donald Trump until January 4, 2027 to submit documents as part of several investigations. In the absence of…
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https://cryptoast.fr/binance-tether-documents-senat-americain-4-january-2027/
Binance, Tether and two crypto companies linked to Donald Trump are in the sights of the US Senate. Democratic Senator Richard Blumenthal is demanding documents from them as part of several investigations, under penalty of resorting to restrictive measures.
In four letters sent on November 5, the elected official addressed Binance, Tether, World Liberty Financial (WLFI), the Trump family's crypto company, and Fight Fight Fight LLC, the origin of the TRUMP memecoin.
The first documents are expected from November 30, before a common deadline set for January 4, 2027. In the absence of cooperation, the senator could consider legal subpoenas to force companies to respond.
Currently the main Democratic representative of the Senate Permanent Investigation Subcommittee, Richard Blumenthal is expected to take over as chairman in January, after his party's victory in the mid-term elections. He would then have enhanced powers to obtain the requested information.
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Binance is suspected of facilitating transactions with entities linked to Iran and Russia. In February, Richard Blumenthal had already questioned the platform about some $1.7 billion in suspicious transfers. He relaunched it in April, believing that its first responses could be misleading. Binance disputes these accusations.
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Tether, issuer of USDT, the market's leading stablecoin with around $177 billion in circulation, is also the subject of questions about its practices.
In a report released on September 28, Democratic investigators analyzed 846 crypto wallets sanctioned or targeted for seizure for their alleged ties to Iran. According to their findings, 84% used USDT exclusively or almost exclusively, which is believed to play a major role in circumventing US sanctions.
Tether rejects these accusations. Its CEO, Paolo Ardoino, says the company froze affected addresses an average of four weeks before they were placed on the sanctions lists.
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