Richard Teng Rejects WSJ Claims Over Iran-Linked Binance Flows
Binance is once again facing intense scrutiny after a new Wall Street Journal investigation alleged that roughly $850 million in transactions tied to Iranian-linked entities moved through the exchange despite repeated internal compliance warnings.
Summary:
- The Wall Street Journal alleged $850 million linked to Iranian networks flowed through Binance.
- Binance CEO Richard Teng denied the claims and called the report “fundamentally inaccurate.”
- The allegations intensify scrutiny as Binance remains under active U.S. compliance monitoring.
The report escalates an already bitter public and legal confrontation between the world’s largest crypto exchange and one of America’s most influential financial newspapers.
According to the WSJ investigation, the activity allegedly centered around accounts connected to Babak Zanjani, the Iranian businessman who was re-sanctioned by the United States earlier this year. The report claims the transactions flowed through a broader network tied to Zanjani’s firm Zedcex, alongside accounts associated with family members and close affiliates that allegedly operated from overlapping devices and login environments.
The allegations are particularly sensitive because Binance remains under an active three-year compliance monitoring regime imposed by U.S. regulators following its landmark 2023 guilty plea and $4.3 billion settlement tied to historic anti-money laundering and sanctions failures.
WSJ Claims Internal Warnings Were Ignored
The report alleges Binance’s internal compliance systems identified Tehran-linked activity tied to the accounts as early as late 2024. According to the investigation, internal investigators allegedly recommended freezing the accounts and escalating the matter to authorities.
Instead, the WSJ claims the accounts remained operational for more than a year.
The article further alleges that Iran’s central bank transferred roughly $107 million through Binance during 2025, while external investigators reportedly traced another $260 million in transactions connected to suspected terrorist financing networks between 2024 and 2025.
Together, the claims paint a picture of what the Journal describes as a hidden sanctions-evasion network operating through crypto infrastructure while global regulators were intensifying pressure on digital asset platforms.
The timing is critical.
Since Binance’s 2023 settlement with the U.S. Department of Justice and FinCEN, regulators have closely monitored whether the exchange successfully rebuilt its compliance systems under the supervision of independent monitors. Any indication that systemic weaknesses remain could potentially trigger renewed regulatory escalation.
Richard Teng Pushes Back Aggressively
Binance CEO Richard Teng responded publicly within hours of the report’s release, calling the investigation “fundamentally inaccurate.”
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
Teng’s rebuttal focused primarily on sanctions timing and omitted context.
According to Binance, many of the transactions referenced by the WSJ allegedly occurred before the associated individuals or entities were formally sanctioned under U.S. or international frameworks. Teng argued that Binance does not permit currently sanctioned actors to actively trade on the platform.
He also claimed Binance had already conducted its own internal investigation into the accounts prior to the WSJ contacting the company and alleged that important contextual findings provided to reporters were excluded from the final article.
The exchange continues to insist that its compliance architecture has improved dramatically since 2023.
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Binance has repeatedly published internal metrics showing sanctions-related exposure falling by more than 96% between 2024 and mid-2025, using the data to support its claim that its monitoring infrastructure is now among the strongest in the industry.
A Long-Running Feud Between Binance and WSJ
The latest report marks only the newest chapter in an increasingly hostile relationship between Binance and The Wall Street Journal.
Earlier this year, the Journal reported that Binance allegedly dismantled an internal investigation involving up to $1 billion to $1.7 billion in transactions potentially tied to Iran-backed proxy groups.
Binance strongly denied those claims and argued that employees involved in the dispute had been terminated for violating internal confidentiality requirements rather than for whistleblowing activity.
The exchange later escalated the conflict by filing a formal defamation lawsuit against the WSJ, demanding a retraction of the earlier reporting.
That legal battle remains active while both sides continue publicly challenging each other’s credibility.
Why the Stakes Are So High
The broader issue extends far beyond reputational damage.
Binance’s future ability to operate globally depends heavily on convincing regulators that the exchange has permanently moved beyond the compliance failures that defined its earlier expansion years.
Since Richard Teng replaced Changpeng Zhao as CEO, Binance has aggressively repositioned itself as a compliance-first institution focused on regulatory cooperation, licensing expansion and institutional adoption.
At the same time, regulators worldwide remain deeply skeptical of whether large offshore crypto exchanges can fully prevent sanctions evasion, illicit finance and politically exposed transaction flows at global scale.
The WSJ investigation directly attacks the credibility of Binance’s central transformation narrative.
For regulators overseeing the company’s ongoing compliance obligations, the allegations may raise renewed questions about whether Binance’s internal monitoring systems are genuinely preventative or simply reactive after problematic activity has already occurred.
For now, the dispute remains unresolved.
But the combination of ongoing DOJ oversight, an active defamation lawsuit and fresh allegations tied to Iranian financial networks ensures Binance will remain under intense regulatory and political pressure throughout 2026.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
