Binance CEO Richard Teng has strongly denied recent allegations from the Wall Street Journal suggesting that the platform facilitated crypto transactions for Iranian individuals and networks. The Journal’s investigation claimed that accounts tied to Iranian financier Babak Zanjani moved $850 million in cryptocurrency over two years. Teng argued that vital information was misrepresented, particularly regarding the sequence of events and the platform’s compliance protocols.
Timing and compliance in focus
Teng emphasized that the cited transfers took place before any official sanctions were issued against the individuals and organizations in question. He stressed that Binance’s internal compliance team had identified the relevant activity well before any journalists from the Wall Street Journal approached the company. Separate internal audits reviewed accounts linked to Zanjani’s associates and business partners. These accounts, Teng noted, often shared the same technical devices, but the transactions themselves largely fell within compliance standards.
Binance’s compliance division maintains real-time surveillance and routinely sends instant alerts to internal teams about suspicious activity. The U.S. Department of Justice continues to investigate Iran-related transactions on the platform, while the U.S. Treasury has highlighted over $1 billion in crypto transfers with Iranian ties between 2024 and 2025. Teng insisted on Binance’s commitment to direct communication and transparency with U.S. authorities.
Legal action and regulatory landscape
Richard Teng pointed out that Binance has filed a defamation lawsuit against the Wall Street Journal, arguing that earlier coverage misrepresented the platform’s compliance operations and the nature of its Iran-linked activities. In 2023, Binance accepted charges from U.S. authorities over money laundering and sanctions breaches, agreeing to pay $4.3 billion in penalties and to undergo independent oversight. Since then, Binance has overhauled its monitoring and identity verification systems.
Between January 2024 and July 2025, transactions associated with sanctioned entities have dropped by 96.8 percent. Binance’s compliance team now comprises over 1,500 staff handling investigations, risk assessments, and regulatory compliance. Teng made clear that illegal financial activities are categorically rejected on the platform.
Glossary: Babak Zanjani is an Iranian businessman known for managing his country’s oil revenues abroad during international sanctions and facing multi-billion-dollar fraud accusations.
Enhanced surveillance and ongoing transparency
Binance’s management highlights that its surveillance and monitoring infrastructure is under continuous improvement. The company responds annually to tens of thousands of requests and inquiries from law enforcement agencies around the world. Proactive risk management strategies at Binance also target the detection and recovery of criminal proceeds.
According to the CEO, the platform employs more than 25 different surveillance and auditing systems, ensuring all interactions with sanctioned individuals or organizations are fully blocked. Binance also enforces additional safeguards through identity verification and location-based access controls.
Teng stated that relevant internal audit reports were shared with journalists before the Wall Street Journal article was published. He criticized the presentation of statistics and account links in the article, stating they painted an inaccurate picture. Teng reiterated that all Binance operations strictly adhere to legal and internal compliance standards.
The top management at Binance underscores the platform’s comprehensive anti-money-laundering measures and sees cooperation with global authorities as a top priority. In their view, transparency, legal compliance, and corporate responsibility form the bedrock of the company’s principles.
