Casten, Meeks Demand Accountability for Crypto-Financing of Terrorist Groups

May 14, 2026 Casten, Meeks Demand Accountability for Crypto-Financing of Terrorist Groups Washington, D.C. — U.S. Representatives Sean Casten (IL-06) and Gregory Meeks (NY-05) demanded information from the Trump Administration on how it is enforcing the 2023 plea agreement with Binance , the world’s largest cryptocurrency exchange. This follows recent public reporting indicating that Binance facilitated $1.7 billion worth of cryptocurrency transactions to flow from Chinese-owned accounts to digital wallets linked to Iran-backed terrorist groups, including the Houthi militants in Yemen. “We are alarmed by public reporting that Binance permitted more than $1 billion in cryptocurrency transactions to flow to Iran-backed and U.S.-designated terrorist groups through its platform,” the lawmakers wrote. “...These apparent failures to enforce the terms of the 2023 agreement are par for the course, given Binance’s extensive financial ties to a cryptocurrency company backed by President Trump and his family.” Binance and its former CEO pled guilty to violating U.S. anti-money laundering (AML) laws in 2023 after enabling transactions involving terrorist groups, child sexual abusers, fraudsters, scammers, and sanctioned persons in Iran. As part of a $4 billion settlement agreement, the Treasury Department and DOJ imposed separate compliance monitorships, led by a top law firm and a global consulting firm, to improve Binance’s controls to prevent future money laundering on its platform—including the financial crimes alleged in the Wall Street Journal reports. The Trump Administration’s alleged failure to enforce the terms of the 2023 agreement is predictable, given that Binance and its former CEO have deep financial ties to World Liberty Financial (WLF), a cryptocurrency company that has earned the Trump family an estimated $1.2 billion. For example, Binance helped WLF launch its USD1 stablecoin and negotiated a $2 billion business deal that used USD1 coins, which is projected to generate millions in annual revenue for the Trump family. Last year, in an apparent quid pro quo move, President Trump pardoned Binance’s former CEO. “From a national security standpoint, the DOJ and Treasury have an obligation to cut through these obvious conflicts of interest, enforce compliance with U.S. AML and sanctions laws, and disrupt proven terrorist financing networks,” the lawmakers continued. “It is also important that both FRA and Sullivan & Cromwell fulfill their commitments to independently assess Binance’s systems and ensure that adequate controls will prevent any future financial crimes.” In addition to Reps. Casten and Meeks, the letter was signed by Reps. Jared Huffman, Bill Foster, Dan Goldman, Brittany Pettersen, Sylvia Garcia, Joyce Beatty, Lloyd Doggett, and Gabe Amo. Text of the letter can be found below. A copy of the letter can be found here . Dear Acting Attorney General Blanche, Secretary Bessent, Ms. McLeod, and Ms. Levin: We are alarmed by public reporting that Binance permitted more than $1 billion in cryptocurrency transactions to flow to Iran-backed and U.S.-designated terrorist groups through its platform. We write to request updates on the two compliance monitorships imposed by the Department of Justice (DOJ) and the Treasury Department (Treasury), which are overseen by consulting firm Forensic Risk Alliance (FRA) and law firm Sullivan & Cromwell, respectively. These monitorships are intended to prevent these crimes after Binance admitted to providing financing for terrorists, money launderers, and sanctions evaders in Iran. According to the Wall Street Journal, the DOJ is investigating Iran’s use of Binance’s platform to evade U.S. sanctions. However, it remains unclear whether the DOJ is appropriately focused on Binance’s alleged failures or solely on the activity that capitalized on Binance’s weak controls to funnel money to Iran-backed terrorist groups. In 2023, Binance, as a corporation, and its founder, Changpeng Zhao (CZ), admitted to willful violations of the Bank Secrecy Act and criminal anti-money laundering (AML) and sanctions laws, and agreed to a $4.3 billion settlement, including commitments to overhaul the company’s AML and sanctions compliance program and to restrict access to U.S. customers. For years, Binance had knowingly served U.S. customers on its foreign, unlicensed platform and facilitated transactions on its platform with designated terrorist organizations, such as Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad (PIJ), Al Qaeda, and the Islamic State of Iraq and Syria (ISIS), as well as persons in sanctioned jurisdictions such as Iran, North Korea, and Syria. As a part of a 2023 settlement agreement, Treasury selected Sullivan & Cromwell to manage a five-year monitorship that would oversee remedial undertakings necessary to address the clear violations of AML and sanctions laws, enable access to Binance’s books and records, and provide periodic reports to U.S. regulators. Treasury stated that Binance could face an additional $150 million suspended fine if the company fails to comply with the terms of the monitorship. Separately, the DOJ selected FRA to handle a three-year monitorship to remediate and enhance Binance’s AML and sanctions compliance programs. However, while still under these monitorships, Binance reportedly processed $1.7 billion in cryptocurrency transactions from accounts tied to Chinese clients to wallets linked to Iran-backed terrorist groups, such as the Houthis. The investigators who flagged these illicit flows for Binance’s leadership were later suspended or fired, according to the reports. In addition, investigators identified 2,000 Binance accounts based in Iran, even though Iran is under heavy U.S. sanctions and severely restricted from accessing the global financial system. Binance’s CEO reportedly declined to take any action on these accounts. These apparent failures to enforce the terms of the 2023 agreement are par for the course, given Binance’s extensive financial ties to a cryptocurrency company backed by President Trump and his family. A Bloomberg investigation found that Binance wrote the code for, helped create, and promoted World Liberty Financial’s (WLF) USD1 stablecoin, a financial product that has reportedly helped the Trump family earn more than $800 million from the sale of cryptocurrency assets, including WLF, in the first half of 2025. According to more recent estimates, Binance holds $4.7 billion in the USD1 stablecoin or 87% of all coins in circulation. Furthermore, in May 2025, Binance negotiated a $2 billion investment deal with a state-backed Abu Dhabi investment fund, which was settled via the USD1 stablecoin. This effectively gave WLF $2 billion in deposits to invest, which will likely generate millions in annual revenue for the Trump family. In October 2025, President Trump pardoned Binance’s founder, CZ. And in February 2026, CZ attended a WLF conference at Mar-a-Lago alongside President Trump’s sons and senior Administration officials. From a national security standpoint, the DOJ and Treasury have an obligation to cut through these obvious conflicts of interest, enforce compliance with U.S. AML and sanctions laws, and disrupt proven terrorist financing networks. It is also important that both FRA and Sullivan & Cromwell fulfill their commitments to independently assess Binance’s systems and ensure that adequate controls will prevent any future financial crimes. We request answers to the following questions, where applicable, by no later than May 29, 2026: Has the DOJ opened a formal investigation into Iran’s use of Binance’s platform to evade U.S. sanctions as described in recent public reports? Please confirm if Binance’s alleged misconduct is the target or focus of such investigation. Have Treasury, FinCEN, OFAC, or the CFTC initiated any review or investigation into the Iran-linked activity described in recent public reports? Under the terms of the monitorship, Sullivan & Cromwell has reportedly requested that Binance provide information about the Iran-linked transactions. This reportedly includes information about the account owned by Hong Kong-based payments company Blessed Trust, which allegedly moved $1.7 billion to Iran-linked terrorist groups via Binance’s platform. When did Sullivan & Cromwell first become aware of the Iran-linked transaction flows? Please detail the specific information Sullivan & Cromwell has requested related to Blessed Trust’s Binance account. Reports indicate that Binance blocked many of Sullivan & Cromwell’s earlier requests. Has Binance complied with the request and provided the necessary information? Has Sullivan & Cromwell experienced any challenges in accessing this information? If violations of the 2023 settlement agreements are substantiated, what enforcement mechanisms are available, including the potential imposition of any suspended penalties? What is the current status of Binance’s exit from the United States? Have all U.S. users of Binance.com been confirmed as offboarded? Binance has reportedly urged the Administration to remove the monitorships or reduce their duration and scope. Please describe the current status of the monitorships, the level of access that you have to Binance’s systems, books, and records, and your ability to interview its employees. Regarding the monitors, a spokesperson told reporters that Binance is “in the process of fine-tuning the rules, but there is no loosening of controls.” Can you commit to ensuring the monitorships continue to require Binance to implement and maintain strong AML and sanctions compliance controls? Binance has reportedly “staffed a dedicated monitor liaison office to ensure seamless and efficient operations.” Please list the dates of any communications with this office, identify the individuals involved, and summarize the content of such communications. What reporting obligations does Binance currently have to the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Commodity Futures Trading Commission (CFTC) under the monitorships? Please provide us with a copy of the latest report provided to FinCEN, OFAC, DOJ, and the CFTC as required by the Treasury-imposed monitorship. Thank you for your attention to this important matter. Sincerely, ### Print Email Share Tweet