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<ul>
 <li>The senators cited media reports claiming that Binance is facing multiple investigations by regulators after FTX collapse</li>
 <li>The senators requested "documents and answers" pertaining to a list of questions by March 16</li>
</ul>
<h3 id="u-s-senators-have-penned-a-letter-to-binance-and-binance-us-imploring-the-crypto-exchanges-to-be-more-forthcoming-about-their-potentially-illicit-business-practices">U.S. Senators have penned a letter to Binance and Binance US, imploring the crypto exchanges to be more forthcoming about their potentially illicit business practices.</h3>
The letter was addressed to <a href="https://www.coingabbar.com/en/crypto-currency-news/gabbars-fireside-chat-with-changpeng-joe-an-exclusive-interview" rel="noopener noreferrer nofollow">Binance CEO Changpeng Zhao </a>and BAM Trading Services CEO Brian Shroder, requesting documents and answers regarding the exchanges' finances, risk management, and regulatory compliance as they face investigations into potential criminal activity.
The senators cited media reports claiming that Binance is facing multiple investigations by law enforcement and regulators following the collapse of the <a href="https://www.coingabbar.com/en/crypto-currency-news/we-are-purer-than-virgin-mary-democrats-while-returning-2-percent-of-donations-by-sbf" rel="noopener noreferrer nofollow">crypto exchange FTX</a>. The senators expressed concerns that Binance and its related entities have evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from customers and the public.
The letter also noted that Binance hired French auditing firm Mazars to perform a proof-of-reserves audit on its bitcoin holdings. However, the auditing firm subsequently deleted the webpage containing the report and paused its activity relating to proof-of-reserve audits for crypto firms.
The senators requested "documents and answers" pertaining to a list of questions by March 16. The documents requested by the lawmakers include complete copies of all Binance and Binance subsidiary balance sheets from 2017 to the present, as their internal anti-money laundering, countering the financing of terrorism, and know-your-customer policies and procedures.
A copy of the senator's letter was sent to Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, Rostin Behnam, Chairman of the Commodity Futures Trading Commission, and Merrick B. Garland, U.S. Attorney General with the Department of Justice. More developments, in this case, are yet to come forward and we are hoping that these attempts of scrutiny will bring more transparency to the centralized crypto ecosystem.
To stay informed of such noteworthy developments, be sure to follow CoinGabbar.com. Additionally, we invite you to share your thoughts in the comments section below.
Also, Read - <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-said-that-crypto-exchanges-may-not-be-custodians-anymore" rel="noopener noreferrer nofollow">SEC Chair Hints that Crypto Exchanges May Not Meet Qualifications as Custodians According to New Rules</a>

U.S. Senators Call for More Transparency from Binance and Binance.US Over Potentially Illegal Business Practices

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