Two US senators are reportedly asking the Department of Justice (DOJ) to investigate crypto exchange Binance for alleged lying to Congress.
According to a new report by Reuters, Democratic Senators Elizabeth Warren of Massachusetts and Chris Van Hollen of Maryland recently wrote a letter to the DOJ alleging that Binance, the largest crypto exchange platform by volume, has been providing misleading information to Congress.
The senators allege that Binance lied to a panel of bipartisan lawmakers earlier this year who gathered information from industry leaders as they weighed up possible new regulations.
As stated by the Senators in the letter,
“It appears that Binance and Binance.US have undermined this important investigation and legislative process by providing false and misleading information to Congress…
The department, in conjunction with the ongoing SEC complaint, should conduct a prompt and thorough investigation into this matter.
In March, the senators, along with Republican Senator Roger Marshall of Kentucky, interrogated Binance on its finances, risk management protocols and regulatory compliance as it was under investigation for possible crimes at the time.
According to Warren and Van Hollen, Binance was providing misleading information to Congress at the time.
Earlier this week, it was announced that the US Securities and Exchange Commission (SEC) is suing Binance for allegedly violating securities laws. A day later, the SEC also filed a lawsuit against Coinbase, the largest crypto exchange platform in the US, for similar reasons.
However, another member of Congress, Republican Senator Bill Haggerty of Tennessee, recently said the SEC should expect to hear from Congress for its enforcement actions against the crypto exchanges.
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Featured image: Shutterstock/Jorge Salcedo