US Senator Richard Blumenthal has requested the Department of Justice and the Financial Crimes Enforcement Network (FinCEN) to provide an update on the compliance oversight of Binance. This request follows allegations that approximately $1.7 billion in crypto funds linked to Iran flowed through the exchange. The compliance oversight stems from a 2023 settlement between Binance and the US government, where Binance was fined $4.3 billion for anti-money laundering and sanctions compliance issues and agreed to independent monitoring.