Binance denies WSJ's allegations of $850 million Iran-related transactions

The WSJ reported that Binance is accused of processing approximately $850 million in transactions related to financial networks associated with Iranian sanctions over two years, ultimately flowing to the Islamic Revolutionary Guard Corps (IRGC) in Iran. In response, Binance CEO Richard Teng posted on the X platform denying the related reports, stating that the reports are "completely inaccurate," emphasizing that Binance does not allow sanctioned entities to trade, and indicating that the suspicious activities occurred before the involved entities were sanctioned by the U.S.

The report mentioned that the key figure is Iranian businessman Babak Zanjani, whose related companies and associated accounts are alleged to have operated through the same device, forming a secret payment network on the Binance platform. The report also stated that Binance's internal compliance system had identified abnormal access from Tehran by the end of 2024, triggering multiple risk control alerts, but the related accounts were not closed in a timely manner. The WSJ further pointed out that the Central Bank of Iran and related entities also conducted fund flows through Binance between 2024 and 2025, including approximately $107 million and other cross-border cryptocurrency transactions.

Binance reiterated that its compliance system is "industry-leading" and emphasized that it has continued to strengthen its risk control mechanisms after pleading guilty and paying a $4.3 billion settlement in 2023. Additionally, Binance has filed a defamation lawsuit against the WSJ regarding the related reports and denied that the U.S. Department of Justice is investigating it on this matter.