Report: Binance Under Scrutiny for Potentially Misleading US Lawmakers

U.S. Senators Elizabeth Warren and Chris Van Hollen have

asked the Justice Department to investigate whether Binance made a false statement to Congress earlier this year. The inquiry comes after allegations by the Securities and Exchange Commission that Binance's global entity and its American unit were commingled. In March, the senators had raised concerns about Binance's operations and requested balance sheets, accusing the exchange of attempting to evade regulators and facilitate money laundering. The independence of Binance.US from its global unit is crucial for regulatory jurisdiction and liability, as it determines who is responsible in the event of bankruptcy. Binance and Binance.US have responded to the SEC lawsuit, denying the allegations.