Elizabeth Warren Demands Answers: Justice Department’s 2023 Binance Settlement Under Scrutiny
Senator Warren turns up the heat on DOJ's controversial crypto deal.
THE PROBE INTENSIFIES
Washington's sharpest crypto critic just trained her sights on the Justice Department's handling of Binance. Elizabeth Warren wants answers—and she wants them now. The 2023 settlement that let the exchange off with a slap on the wrist suddenly looks shaky.
BEHIND THE CLOSED DOORS
Sources say Warren's team is digging into whether regulators got played. Four billion in fines sounds impressive until you realize it's pocket change for an operation that processed trillions. Typical finance theater—make a big show of punishment while the real money keeps flowing.
THE AFTERMATH
Binance keeps operating. Markets barely blinked. And now? The whole settlement might get unraveled. Warren's move signals this isn't over—not by a long shot. When Washington comes knocking twice, they're usually not just selling cookies.
Monitor removal under consideration
The inquiry comes as prosecutors are weighing whether to remove Binance’s court-appointed compliance monitor, a key component of the 2023 settlement.
Authorities installed the monitor to oversee the exchange’s adherence to anti-money laundering and sanctions compliance requirements.
Warren’s letter also sought details on interactions between Binance and President Donald TRUMP administration officials, reflecting concerns about the exchange’s connections to World Liberty Financial.
Binance’s late 2023 agreement with federal authorities resolved criminal charges related to facilitating transactions for sanctioned entities and failing to implement adequate anti-money laundering programs.
The deal required the exchange to pay $4.3 billion in penalties and accept ongoing regulatory oversight.
The settlement marked one of the largest enforcement actions against a cryptocurrency firm, as prosecutors sought to address compliance failures that allowed illicit financial activities to flourish on the platform.
Also, as a part of the settlement, Binance founder Changpeng Zhao served a four-month prison sentence. He was released in September 2024 and sought a presidential pardon in May.
The senators’ pressure campaign stressed ongoing congressional scrutiny of cryptocurrency regulation, despite the recent regulatory moves led by Trump signing the GENIUS Act into law.
