In a letter published on Friday to US Senators, Binance, the leading crypto exchange, says it has not violated any US sanctions laws. The letter addresses Connecticut Senator Richard Blumenthal’s inquiry into Binance, in which he references the defamatory and unsupported allegations and claims made by the Wall Street Journal.

Binance specifically addressed Blumenthal’s claims that it identifies and reports suspicious activity through its compliance procedures, demonstrating that its compliance systems worked as intended. No investigators were dismissed for raising compliance concerns. “The letter/inquiry from Sen. Blumenthal and the coverage by mainstream media outlets represent an attack on crypto,” the letter reads. Binance continued that the inquiry ” demonstrates a lack of understanding about the industry and our underlying technology. It also misrepresents the work we do and why we do it, including what strong compliance looks like in practice.”

Binance went on to detail that Binance has worked to comply with all federal laws and sanctions in its efforts to become the most regulated exchange in the crypto industry. “This is demonstrated by the high level of regulatory scrutiny and stringent compliance standards we are subject to under our global license and operations under ADGM, as well as the 21 jurisdictions where we hold regulatory approvals and licensed entities.”

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Last month, Binance surpassed $70 billion in commodity trading volume after launching gold and silver futures trading. Binance is near the top of centralized exchanges that are expanding beyond traditional digital assets to capture demand for broader speculative and hedging opportunities. The trading only launched early this year, but has proven extremely successful for one of the world’s largest crypto trading platforms.