Binance has responded to harsh criticism from a group of US senators, including Elizabeth Warren, and questions about its operations.
Bloomberg claimed to have seen a 14-page letter that Binance sent to US officials. According to Bloomberg’s claim, Binance Chief Strategy Officer Patrick Hillmann talked about Binance’s compliance program and the work he did to create his team.
It was stated that Binance did not include sufficient information about the financial situation of the company in these letters sent to the senators. Elizabeth Warren and a group of senators requested data on Binance’s financial records from 2017.
Binance Prepared a 14-Page Report
While US officials question many of Binance’s operations, they are also curious about the relationship between Binance and Binance US. Elizabeth Warren, in particular, wants to see the balance sheet that Binance has revealed since 2017.
Additionally, US officials requested data on the number of US users by year, copies of internal policies on anti-money laundering and “know your customer” compliance procedures, and written policies on the relationship between Binance and Binance US. The senators had given Binance until March 16 to respond and submit the documents.
Sending a 14-page letter addressing all these requests, Binance stated that the company prioritizes regulatory compliance. Binance Chief Strategy Officer Patrick Hillmann underlined that they want to compromise with regulators.
In the report submitted by Binance to the US officials, it was stated that he talked about general operations but did not touch on financial issues.
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