Senator Warren Probes Binance’s Finances and Operations
US Senator Elizabeth Warren has launched an investigation into cryptocurrency exchange Binance and its American arm Binance.US.
Warren has raised questions about the companies’ finances and operations in an open letter addressed to Binance CEO Changpeng Zhao and Binance.US CEO Brian Shroder.
Warren has expressed concern over Binance’s alleged attempts to evade financial regulations and its lack of transparency. She has accused the companies of not having the necessary separation they claim to have, citing the example of collapsed crypto exchange FTX and its subsidiary FTX.US.
In her letter, Warren has listed seven demands for information from Zhao and Shroder. She has asked for complete copies of all balance sheets from 2017 to the present, an estimate of the number and percentage of US-based users, and information on a 2018 plan to create a company called the “Tai Chi entity.”
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Warren has also requested information on the companies’ anti-money laundering policies, any communications regarding know-your-customer checks, and a complete list of US-based platforms that have used Binance.com for trading or lending services.
Warren’s investigation could have significant implications for Binance and Binance.US, and it remains to be seen how the companies will respond to her demands for information.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
