WSJ Says Iran Moved Billions Through Binance — CEO Richard Teng Fires Back
The Wall Street Journal revealed a report on May 22 alleging {that a} covert funds community linked to Iran moved roughly $850 million by way of Binance — the world’s largest cryptocurrency trade — with exercise persevering with as just lately as December 2025, as a army confrontation between the US and Iran escalated. Binance CEO Richard Teng rejected the report hours later, calling it basically inaccurate and accusing the publication of withholding materials info.
The WSJ report, citing an inside Binance compliance doc, alleged the community was operated by Iranian businessman Babak Zanjani — who has described himself as an “antisanction operator” — and processed roughly $850 million in transactions over roughly two years by way of a single account on the platform. The exercise allegedly continued by way of December 2025, a interval throughout which US-Iran tensions have been escalating sharply following army strikes.
Teng’s Point-By-Point Response
Richard Teng, CEO of Binance, responded straight on X inside hours of the report’s publication. His assertion, posted to his official account (@_RichardTeng), addressed three particular claims. First, he said that Binance didn’t allow any transactions with sanctioned people on its platform, and that the transactions referenced by the WSJ occurred earlier than the people concerned have been formally sanctioned.
Second, he said that Binance proactively investigated the problems in query earlier than the WSJ made contact — and that this materials reality was offered to the newspaper however not revealed. Third, he reiterated that Binance maintains a zero-tolerance coverage for illicit exercise and operates what he described as a best-in-class, industry-leading compliance program, including that the trade continues to work intently with US and international legislation enforcement to fight monetary crime.
A Dispute That Has Become A Legal Battle
The May 22 report just isn’t the primary conflict between Binance and the Wall Street Journal on this topic. In February 2026, the Journal revealed a separate report on alleged $1 billion in Iran-linked crypto transfers, which Teng publicly described on the time as false and defamatory. Binance filed a lawsuit in opposition to Dow Jones, the Journal’s writer, on March 11, per a number of reviews — escalating what had been a public dispute into formal litigation.
Binance has pointed to its personal compliance metrics as proof of fabric progress since its landmark 2023 responsible plea to US anti-money laundering and sanctions violations, which resulted in a $4.3 billion settlement with the Department of Justice and the appointment of an unbiased compliance monitor.
The trade has said that sanctions-related publicity as a share of whole quantity fell 96.8% between January 2024 and July 2025, and that direct publicity to 4 main Iranian crypto exchanges declined 97.3% over the identical interval, per earlier reporting. The trade additionally processed greater than 71,000 legislation enforcement requests in 2025.
The US Senate’s Permanent Subcommittee on Investigations individually despatched a proper letter to Teng in February 2026 demanding data associated to Binance’s function in alleged Iranian cash laundering — citing the sooner WSJ and New York Times reporting — a requirement that indicators congressional scrutiny has not receded alongside the trade’s compliance enhancements.
This improvement marks a essential and uncomfortable second for Binance as it really works to rebuild institutional credibility following its 2023 settlement. Whether the WSJ’s newest allegations translate into recent regulatory motion, expanded DOJ scrutiny, or accelerated congressional investigation will rely closely on the underlying info that neither aspect has but absolutely disclosed in a public discussion board — and a authorized battle that’s solely simply starting.
Cover picture from Grok, BTCUSD chart from Tradingview