Binance CEO Denies WSJ Report Claiming Iran Used Exchange for $850M Transfers

Highlights:

• Binance’s Richard Teng denied WSJ’s Iran crypto report, calling its claims factually inaccurate.
• WSJ claimed Iran-linked Binance accounts moved millions to support sanctioned military-related activity.
• Teng said Binance blocks sanctioned users and continues working with global law enforcement.

Binance CEO Richard Teng has denied a Wall Street Journal report that claimed Iran used Binance-linked crypto activity to move large amounts of money and support sanctioned groups. Teng responded through an X post on Friday, saying Binance does not allow transactions with sanctioned people on its platform.

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Teng said, “The WSJ’s reporting continues to contain fundamental inaccuracies about the facts and Binance’s commitment to a strong compliance framework.”

The WSJ’s reporting continues to contain fundamental inaccuracies about the facts and Binance’s commitment to a strong compliance framework.

Fact: Binance did not permit any transactions with sanctioned individuals on its platform, and transactions mentioned by WSJ happened…

— Richard Teng (@_RichardTeng) May 22, 2026

His statement came after the Wall Street Journal reported on May 21 that Iran moved billions of dollars through Binance-linked accounts to fund the regime and groups connected to the Islamic Revolutionary Guard Corps. The report claimed some activity continued into May and involved accounts linked to Iranian financier Babak Zanjani and people close to him.

WSJ Claims Iran-Linked Accounts Moved $850M Through Binance

The Wall Street Journal report claimed that a network of Binance trading accounts connected to Zanjani and his associates moved about $850 million over two years. According to the report, about $425 million of that amount likely helped fund Iranian military activity. The report also claimed that a corporate account linked to Zanjani’s crypto firm, Zedcex, processed about $830 million.

The report said some of the crypto flows came from Chinese payments for Iranian oil. It described the activity as part of a wider sanctions-evasion network. The Wall Street Journal also said the activity raised fresh questions about Binance’s ability to stop risky transactions after its earlier U.S. settlement. The report further said U.S. authorities have been looking into whether Iran used Binance to avoid sanctions and fund Iran-backed groups.

Richard Teng Defends Exchange Compliance After WSJ Report

Teng rejected the claim and said the report did not reflect Binance’s actual controls. He said the exchange did not permit transactions with sanctioned individuals. He also said the transactions mentioned in the report happened before those people were sanctioned. The Binance CEO also said the company has improved its compliance systems and continues to work with law enforcement. 

Richard Teng stated:

“Binance has zero-tolerance for illicit activity and has built and operates a best-in-class industry-leading compliance program that continues to grow. Binance will continue working closely with US and global law enforcement authorities to combat financial crime.”

His response aimed to show that the exchange now treats sanctions screening and illegal finance risks as a major priority. Binance has been under strong regulatory pressure since its settlement with U.S. authorities three years ago. The company pleaded guilty to anti-money laundering and sanctions violations and agreed to pay a $4.3 billion fine. Since then, Binance has repeatedly said it has invested more in compliance, monitoring, and cooperation with global agencies.

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