U.S. Senator Richard Blumenthal has given Binance, Tether, World Liberty Financial and Fight Fight Fight LLC until Jan. 4, 2027, to produce records sought by the Senate Permanent Subcommittee on Investigations, placing several of the cryptocurrency sector's most politically sensitive companies under a tighter timetable just as Blumenthal is expected to assume the panel's chairmanship.
The Nov. 5 letters ask the companies to comply voluntarily but state that the subcommittee may pursue other ways to obtain documents if their responses remain incomplete. The deadline falls one day after the next Congress convenes on Jan. 3, a timing that could give Blumenthal greater authority to advance subpoenas and compel testimony under Senate committee procedures.
The requests span alleged Iran-linked activity on Binance, Tether's relationship with a consulting and lobbying firm, and foreign funding questions surrounding Trump family-linked ventures World Liberty Financial and the TRUMP token issuer Fight Fight Fight. The inquiry is increasingly focused on the records behind these allegations: account data, internal investigations, business agreements, payment trails, staffing decisions and communications involving government policy.
Binance faces renewed demands over Iran-linked transfers
Blumenthal's letter to Binance says the exchange has yet to produce documents sufficient to satisfy earlier requests made in February and April. Binance sent a written response in March denying the allegations raised by the subcommittee, according to the latest letter.
The Senate inquiry centers on roughly $1.7 billion in transfers that Blumenthal described as linked to Iran. The subcommittee is seeking account records associated with entities called Hexa Whale and Blessed Trust, internal investigative materials and communications that could show how funds moved through the platform and how Binance handled any related warnings.
The committee's requests extend beyond blockchain transactions. Blumenthal is also seeking records about staffing, internal case management and personnel decisions after reports that employees who identified suspicious activity were suspended or dismissed. Those records could establish whether concerns were escalated inside the company and whether compliance personnel had the authority to act on them.
Earlier reporting cited by the inquiry alleged that the entities used Binance to move money to Iran-linked counterparties. Some of the activity was described as involving Iran-linked armed groups and oil trades associated with a Russian shadow fleet, a term generally used for vessels that obscure ownership, locations or trade routes to evade restrictions.
Binance has been asked to begin producing requested material by Nov. 30 and to work with committee staff on a follow-up production schedule. The near-term deadline indicates that the subcommittee wants an initial evidentiary record before the change in congressional leadership rather than waiting until January.
The Binance request also reaches into the company's business relationship with World Liberty Financial around USD1, the stablecoin connected to the Trump-linked venture. Blumenthal is seeking communications and documents related to that cooperation alongside records concerning U.S. government actions involving Binance, including the Securities and Exchange Commission's decision to drop its case against the company and President Donald Trump's pardon of Binance founder Changpeng Zhao.
The committee has not concluded that those commercial dealings and government actions were connected. Its requests are designed to test whether internal or external communications reveal links between business arrangements, advocacy and policy decisions.
Tether records sought over Nxum payments and USDT network
Tether received a separate request covering two areas: USDT's alleged use in an Iran-related shadow banking network and the company's payments to Nxum, a consulting firm that offered branding, public-relations and lobbying services.
According to the inquiry, Tether and Nxum entered an arrangement in May 2025 under which Nxum would receive $415,000 per month. The committee cited reporting that the payments exceeded $6 million and requested contracts, invoices, payment records and communications related to the work.
The Nxum questions involve Bo Hines, the firm's co-founder, who served in the White House on cryptocurrency policy. Blumenthal's letter refers to reporting that Hines retained a one-third ownership stake in Nxum during that period. The subcommittee is seeking documents that could clarify the firm's work for Tether and any policy or legislative outreach connected to its engagement.
That focus places the inquiry at the intersection of private stablecoin business, lobbying and federal ethics rules. Payments to a firm whose co-founder held a White House crypto-policy role could draw scrutiny even where no improper conduct is established, particularly if the records show discussions over rules affecting stablecoin issuers or digital-asset legislation.
Trump-linked ventures face foreign funding questions
World Liberty Financial and Fight Fight Fight have been asked to start producing records on Nov. 30. The companies are under examination over the origins of foreign money entering Trump family-linked crypto businesses and whether funding came with rights, access or other benefits.
Blumenthal opened the review in May 2025. It includes dealings with foreign parties facing U.S. federal indictment, potential ethics issues and transactions connected to the United Arab Emirates, according to the committee's requests.
For World Liberty Financial, the Senate is seeking financing records, investment agreements and communications that could show who funded the venture and what terms accompanied those investments. The inquiry is examining whether private commercial arrangements intersected with presidential authority or official government action.
Fight Fight Fight, the company associated with the TRUMP token, faces questions about token sales, disclosures and the movement of proceeds. In July, Blumenthal held a public forum that included testimony from token buyers who said they lost thousands of dollars. The document requests suggest the panel wants to compare those accounts with the company's internal records on marketing, token allocation, sales structures and fund flows.
The review does not establish misconduct by World Liberty Financial, Fight Fight Fight, Tether or Binance. It does show the committee is assembling records that could support a more formal investigative phase if voluntary productions leave gaps.
January deadline raises pressure on companies
The compressed schedule gives the companies less than two months to begin producing material and roughly two months to complete the voluntary process. Blumenthal's expected move from ranking member to chair would give the investigation a procedural opening to seek compulsory measures after Congress reconvenes.
No responses from World Liberty Financial or Fight Fight Fight to the Nov. 5 letters were included in the latest public notice. The subcommittee is expected to assess initial productions before deciding whether further document demands, hearings or subpoenas are warranted.
For Binance, the renewed request means an inquiry that began with allegations around Iran-linked transfers now also encompasses internal compliance handling and the company's relationship with a politically connected stablecoin project. For Tether, the Nxum records could place its lobbying and consulting arrangements under the same scrutiny as USDT's alleged use in illicit finance. The Trump-linked ventures face a parallel demand to demonstrate how foreign capital entered their businesses and whether it carried any political implications.
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