Binance CEO Richard Teng has pushed back against a new Wall Street Journal investigation claiming the exchange processed $850 million in transactions tied to a sanctioned Iranian financier, which eventually flowed to Iran’s Islamic Revolutionary Guard Corps.
In a Friday post on X, Teng called the reporting “fundamentally inaccurate,” saying that Binance never permitted transactions with sanctioned individuals and that any flagged activity occurred before those individuals were placed under US sanctions.
He also claimed Binance had investigated the issues before the Journal contacted the company, and that facts it provided were not included in the story.
The Journal’s report, published on Thursday, identified Babak Zanjani, who was re-sanctioned by the US in January, as the central figure in a secret crypto payment network that ran $850 million through Binance accounts over two years.
The exchange also published a blog post addressing what it called false claims, and separately responded to a Senate inquiry in March, denying it facilitated transactions to Iranian entities.
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
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