- Binance denies sanctioned Iranian transactions while defending internal compliance monitoring systems.
- Wall Street Journal links Babak Zanjani network to massive Binance crypto activity.
- Previous investigations and lawsuits increase pressure surrounding Binance sanctions enforcement globally.
Binance CEO Richard Teng has denied allegations that the exchange processed transactions tied to an Iranian financial network connected to sanctioned entities. His response followed a Wall Street Journal investigation claiming $850 million moved through Binance accounts linked to Iranian businessman Babak Zanjani.
According to Teng, the report ignored key details Binance shared before publication. Additionally, he stated the exchange never knowingly allowed transactions involving sanctioned individuals. He also argued the activity mentioned in the report occurred before authorities imposed sanctions on those accounts.
The Wall Street Journal identified Zanjani as the central figure behind a crypto payment structure that allegedly operated through Binance accounts for two years. Furthermore, the report claimed accounts connected to Zanjani’s relatives and business associates accessed the platform using identical devices.
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Binance Compliance Systems Face New Scrutiny
According to the report, Binance compliance teams detected suspicious Tehran-linked access connected to Zedcex accounts during late 2024. Internal investigators reportedly recommended shutting the accounts and informing authorities. However, the Journal claimed the accounts remained active despite repeated alerts generated within Binance systems.
The allegations have increased pressure on Binance following its 2023 guilty plea involving sanctions and anti-money laundering violations. Consequently, the exchange paid a $4.3 billion settlement and promised stronger compliance controls across its operations.
Despite those commitments, the Journal alleged Iranian-linked activity continued afterward. The report claimed Iran’s central bank transferred roughly $107 million through Binance accounts during 2025. Moreover, investigators allegedly traced another $260 million involving Iranian terrorist financing networks between 2024 and 2025.
Teng defended Binance’s compliance program while responding publicly on X. According to his statement, the exchange maintains a zero-tolerance policy toward illicit financial activity and continues expanding its monitoring systems globally.
Binance Rejects Claims of Ignoring Internal Investigations
The latest dispute also follows another Wall Street Journal report published earlier this year. That report alleged Binance stopped an internal investigation examining nearly $1 billion connected to Iranian proxy organizations. Binance denied ending any investigation and stated compliance teams continued monitoring suspicious financial activity across multiple regions.
Meanwhile, Binance previously filed a defamation lawsuit against the publication over separate reporting tied to alleged sanctions evasion investigations. The company also stated it continues cooperating with regulators and international law enforcement agencies.
In conclusion, the growing conflict between Binance and the Wall Street Journal has increased global attention on crypto compliance enforcement. Additionally, regulators may continue increasing oversight efforts involving major digital asset exchanges worldwide.
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