Binance CEO Richard Teng has pushed back against a Wall Street Journal report that alleged Iran-linked networks moved $850 million through Binance and that some flows were tied to wallets connected to the Islamic Revolutionary Guard Corps. In a post on X, Teng said Binance never allowed sanctioned individuals to transact on the platform.
He also challenged the report’s timeline. Teng said the activity flagged in the article took place before the people involved were placed under US sanctions, and added that Binance had already reviewed the matter before the Journal contacted the company.
WSJ described linked accounts and shared device usage
The Wall Street Journal said a network connected to Babak Zanjani moved funds through Binance accounts over a two-year period. According to the report, the linked accounts involved his sister, romantic partner, and a company director, with some of the accounts allegedly using the same devices.
The article also said Binance’s internal systems flagged access from Tehran in late 2024. It claimed the accounts stayed active for more than a year despite repeated internal alerts. Binance disputes that framing and says the report misread the underlying activity.
Binance says only part of a larger chain reached wallets tied to IRGC
In its response, Binance said the Journal’s interpretation of transaction flows confused indirect blockchain activity with direct platform exposure. The exchange said that, within a $126.1 million transaction chain cited in the reporting, only a portion ultimately connected to wallets tied to the IRGC.
Binance put that final amount at $24.1 million, saying the funds reached those wallets only after multilayer routing. That distinction sits at the center of the dispute over whether the exchange facilitated transactions for sanctioned users or whether the article overstated the connection.
Exchange points to compliance buildout after 2023 settlement
The case lands against the backdrop of Binance’s earlier settlement with US authorities. In 2023, the exchange pleaded guilty to anti-money laundering and sanctions violations and paid $4.3 billion, while committing to overhaul its compliance systems.
Binance said it now runs a compliance program with more than 1,500 employees and denied dismantling any internal Iran-related investigation. The Journal report also referenced Iran’s central bank moving $107 million in crypto in 2025, while a foreign law enforcement agency tracked about $260 million in related transactions. The US Department of Justice is also reportedly examining Iranian use of Binance infrastructure.
Binance has filed a defamation lawsuit against the Wall Street Journal and said it continues to cooperate with regulators and law enforcement agencies globally.