Binance CEO calls WSJ report on Iran sanctions inaccurate

Binance CEO Richard Teng has refuted a report from The Wall Street Journal (WSJ) alleging that a financier for Iran's Islamic Revolutionary Guard Corps (IGRC) operated a secret military payment network through the exchange. In a post on X, Teng stated that the WSJ continues to publish inaccurate reports regarding Binance's compliance framework. He clarified that Binance did not permit transactions with sanctioned individuals on its platform and that the trades mentioned by the WSJ occurred before sanctions were imposed. Teng added that Binance had proactively investigated the matter before the WSJ's inquiry, a fact he claims the publication omitted from its report. He emphasized that Binance is strictly blocking illicit activities and operates an industry-leading compliance program. The WSJ article had claimed that a financial network led by Iranian businessman Babak Zanjani processed at least $850 million in transactions on Binance over the past two years, with half of the funds allegedly flowing to the IGRC and pro-Iran militant groups in the Middle East. The WSJ has previously published negative reports targeting Binance, and the exchange has sued a WSJ reporter for defamation over allegations of evading Iran sanctions.