Binance denies WSJ allegations regarding an $850 million Iran-related deal.

According to Mars Finance, on May 23, the WSJ reported that Binance was accused of processing approximately $850 million in transactions related to a financial network linked to Iranian sanctions over two years, ultimately flowing to the Iranian Islamic Revolutionary Guard Corps (IRGC). In response, Binance CEO Richard Teng denied the report on the X platform, stating that it was "completely inaccurate," emphasizing that Binance would not allow sanctioned entities to trade, and stating that the suspicious activity occurred before the entities involved were sanctioned by the United States. The report claimed that the key figure was Iranian businessman Babak Zanjani, whose related companies and accounts were alleged to operate through the same device, forming a secret payment network on the Binance platform. The report also stated that Binance's internal compliance system detected abnormal access from Tehran in late 2024, triggering multiple risk control alerts, but the relevant accounts were not closed in time. The WSJ further pointed out that the Central Bank of Iran and related entities also conducted fund transfers through Binance between 2024 and 2025, including approximately $107 million and other cross-border crypto transactions. Binance reiterated that its compliance system is "industry-leading" and emphasized that it has continued to strengthen its risk control mechanisms since pleading guilty and paying a $4.3 billion settlement in 2023. Meanwhile, Binance has filed a defamation lawsuit against the WSJ regarding the reports and denied that the U.S. Department of Justice is investigating it in the matter.