A group of bipartisan senators has accused Binance, the world's largest cryptocurrency exchange, of enabling "illegal financial activity" and avoiding regulatory measures in a letter addressed to the company's CEO Changpeng "CZ" Zhao and Binance.US President and CEO Brian Shroder.

What Happened: The senators, led by Elizabeth Warren (D-Mass.), outlined concerns regarding Binance's financial information, policies on anti-money laundering and efforts to limit compliance.

The senators called out Binance for concealing financial information and facilitating criminal activity, The Wall Street Journal reported.

The letter demanded the exchange provide balance sheets since 2017, estimates of the number of U.S. users on its platforms, and further details on its relationship with U.S. affiliate, Binance.US.

The senators have requested a response from Binance by March 16.

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The largest cryptocurrency exchange in the world — with almost 60% market share as of mid-February according to research firm CryptoCompare — had faced multiple investigations from U.S. agencies over the past several years.

The senators' letter addressed Binance's ongoing legal and financial issues, citing "investigations into criminal sanctions evasion, money laundering conspiracy, unlicensed money transmission, questions about its financial health, and increased scrutiny over its intentionally 'opaque corporate structure.'"

Why It Matters: Binance's partners have also come under fire, with the SEC sending a Wells notice to the issuer of a Binance-branded stablecoin, Paxos, in February.

Additionally, investigators have identified Binance as a counterparty to Bitzlato, a digital-asset platform accused of processing millions of dollars in illegal funds.

Benzinga has reached out to Zhao for a comment.

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