- Binance CEO Richard Teng rejects WSJ claims of $850M Iran-linked flows involving IRGC-related networks.
- WSJ report alleges multi-account routing through Binance, while the exchange disputes interpretation and timing of sanctions.
- Binance cites compliance systems and ongoing cooperation with regulators, and has filed a defamation lawsuit against WSJ.
Binance CEO Richard Teng rejected a WSJ report alleging $850 million in Iran-linked transactions to IRGC. In a Friday post on X, he said Binance never allowed sanctioned users and disputed WSJ findings. The WSJ report Thursday cited Babak Zanjani-linked networks moving funds through Binance accounts over two years period.
WSJ Allegations on Iranian Network
The Wall Street Journal report detailed an alleged network tied to Babak Zanjani operating through Binance accounts. It said related accounts included his sister, romantic partner, and a company director using the same devices.
The report claimed $850 million moved over two years via these linked accounts. It also said Binance internal systems flagged Tehran access in late 2024. Accounts reportedly remained active for over a year despite repeated internal alerts.
Binance Compliance and Sanctions Timeline
Richard Teng said Binance never permitted transactions with sanctioned individuals on the platform. He stated the flagged activity occurred before those individuals were placed under US sanctions.
He added Binance had investigated the matter before WSJ contacted the company. Binance pleaded guilty in 2023 to AML and sanctions violations and paid $4.3 billion. It also pledged to overhaul compliance systems after the settlement.
Binance said it operates a compliance program with over 1,500 employees. The firm also denied dismantling any internal Iran-related investigation.
Disputed Transaction Analysis and Investigations
Binance disputed the WSJ interpretation of transaction flows involving indirect blockchain activity. It said only part of a $126.1 million chain ultimately linked to IRGC wallets. Binance stated $24.1 million reached those wallets after multi-layer routing.
The report also mentioned Iran’s central bank moving $107 million in crypto in 2025. A foreign law enforcement agency tracked about $260 million in related transactions. The Department of Justice reportedly investigates Iranian use of Binance infrastructure.
Binance filed a defamation lawsuit against the Wall Street Journal. Binance said it continues also cooperating with global regulators and law enforcement agencies.
