11 Senators Investigating Binance: ALT Dropping!

11 US senators called on federal authorities to investigate cryptocurrency exchange Binance‘s compliance with US sanctions and Anti-Money Laundering (AML) rules. The group, led by Chris Van Hollen and Ruben Gallego, demanded in a letter sent to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi on Friday a comprehensive review of the exchange’s compliance with the agreements it reached in 2023.

Claims of Sanctions Violations Through Binance

According to the report, approximately $1.7 billion worth of digital assets are claimed to have been transferred through Binance to Iran-linked terrorist groups, the Houthis, and Iran’s Revolutionary Guards. Additionally, more than 1,500 Iranian accounts and activities evading Russian sanctions were detected. It was noted that some compliance employees were fired due to suspicious transactions and that the exchange’s cooperation with law enforcement has decreased.

The senators also criticized Binance’s payment cards issued in former Soviet Union regions and stablecoin initiatives as potentially paving the way for sanctions evasion. They requested a report from authorities by March 13. Senate Investigations Subcommittee member Richard Blumenthal also sent a letter to Binance CEO Richard Teng requesting internal records.

Binance denied the claims, defending that it reports suspicious activities, does not allow Iranian users, and refuted the Wall Street Journal report.

Senators are demanding a Binance investigation. Source: Senate

Why Did Binance News Cause ALT Price to Drop?

This development caused unease in the crypto market, increasing selling pressure. According to ALT detailed analysis data, ALT price is at the $0.01 level and has declined -%10.84 in the last 24 hours. RSI at 29.80 is in the oversold region, overall trend is downward (Supertrend: Bearish, EMA 20: $0.0081).

Critical Support and Resistance Levels for ALT

• Supports:
  • S1: $0.0068 (Score: 80/100 ⭐ Strong, Distance: -%0.44)
  • S2: $0.0063 (Score: 55/100 Medium, Distance: -%7.76)
• Resistances:
  • R1: $0.0137 (Score: 65/100 ⭐ Strong, Distance: +%100.59)
  • R2: $0.0078 (Score: 62/100 ⭐ Strong, Distance: +%14.20)

Monitor these levels for ALT futures. Market volatility is high.

Frequently Asked Questions About ALT and Binance

How does the Binance investigation affect ALT price?
Regulatory fears are triggering sales, pulling ALT down.

Where is ALT’s strongest support?
The $0.0068 level is strong with Fibo and RSI oversold (80/100).

Are the Binance claims true?
The exchange denies them, but senators are awaiting the March 13 report.