Binance CEO Fumes Over WSJ Allegations of Billions In Iran-Linked Crypto Activity
Highlights
- Binance CEO rejected WSJ allegations regarding crypto activity from Iran.
- According to Richard Teng, transactions were made even before the sanctions were imposed.
- However, WSJ reported that $850 million flowed through just one Binance account.
Binance has vehemently denied The Wall Street Journal’s new report that claims the exchange allowed “huge” Iran-linked crypto transactions. These transfers include sanctioned Iran firms that are accused of using funds for terror financing.
Binance CEO Slams WSJ Report
On X, Binance CEO Richard Teng said that the facts of the case that WSJ presented had “fundamental inaccuracies.”
“The WSJ’s reporting continues to contain fundamental inaccuracies about the facts and Binance’s commitment to a strong compliance framework,” Teng wrote.
The WSJ’s reporting continues to contain fundamental inaccuracies about the facts and Binance’s commitment to a strong compliance framework.
Fact: Binance did not permit any transactions with sanctioned individuals on its platform, and transactions mentioned by WSJ happened…
— Richard Teng (@_RichardTeng) May 22, 2026
For context, the issue centers around Iranian financier Babak Zanjani, who is termed as an “antisanction” operator. The WSJ investigation report says that in two years, Zanjani’s network allegedly made almost $850 million in crypto transactions from a single Binance account.
The activity reportedly was ongoing as recently as December 2025. It further stated that the exchange’s compliance staff had flagged issues with the account on multiple occasions.
It shows a continuation of previous WSJ reporting in February 2026 against the exchange. At the time, the reports alleged that the Teng-led platform had facilitated over $1 billion in transfers related to Iranian operations.
Teng denied the allegations and states that Binance never allowed sanctioned actors to trade on the platform. He said “Binance did not permit any transactions with sanctioned individuals on its platform.”
In addition, he added that the transactions mentioned in the WSJ report had “happened before these individuals were sanctioned.” Teng further stated that the exchange had already begun an internal investigation prior to WSJ getting in touch with the exchange.
“Binance proactively investigated these issues before the WSJ outreach,” Teng stated. He also said the publication didn’t include information that the company had submitted in its response process.
Earlier, in March 2026, Binance filed a lawsuit against The Wall Street Journal. The legal action focused on what the exchange described as misreporting on WSJ’s part.
Teng Spotlights The Exchange’s Compliance-First Narrative
The CEO restated Binance’s “zero-tolerance for illicit activity” policy. Teng further added that it is a “best-in-class industry-leading compliance program.”
The exchange will continue to work closely with law enforcement authorities in the United States and around the world to fight financial crime worldwide, he added. It recently faced DOJ and Senate probe against Iran-linked crypto activity.
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