Binance, via its lawyers, told a U.S. Senate investigation it found no evidence that accounts on its platform transacted directly with Iranian entities, refuting allegations that $1.7 billion in crypto flowed through the exchange to Iran-linked groups.

In a March 6 letter responding to inquiries from Sen. Richard Blumenthal’s (D-Conn.) Permanent Subcommittee on Investigations, the largest crypto exchange said an internal review found only indirect exposure to wallets that may have had links to Iran, and that accounts tied to the activity were removed.

Binance also attacked the media coverage that prompted the probe, calling reporting by outlets including the New York Times, Wall Street Journal and Fortune “demonstrably false” and “defamatory in several material respects.”

The response comes after Blumenthal opened an inquiry into whether the exchange allowed funds to move to Iran-linked organizations, including Yemen’s Houthi militants. The investigation followed media reports that internal Binance investigators had identified transactions tied to Iranian entities.

Binance said its review began after law enforcement contacted the company last April seeking information about transactions between Binance wallets and several external addresses that authorities said could be connected to terrorist financing.

According to the letter, the exchange provided user records and transaction information to investigators and continued examining the activity internally.

The exchange's lawyers said Binance identified two entities, Hexa Whale and Blessed Trust, whose accounts had interacted with the flagged wallets. Binance said it removed Hexa Whale from its platform in the following August and offboarded Blessed Trust in January after completing its investigations.

Binance also disputed reports that compliance investigators were dismissed after raising concerns, saying most departures were voluntary and that one employee was terminated for violating company policy on disclosing internal user information.

“When there is credible risk information, Binance investigates, mitigates, offboards accounts, and reports to appropriate authorities,” the letter said. "Binance has a rigorous compliance program that is consistently growing stronger."