- Binance disputed WSJ claims and said reported transactions occurred before sanctions were imposed.
- Internal reports allegedly linked $850 million in Binance transfers to Babak Zanjani accounts.
- Binance said it investigated the activity early and continues working with global regulators.
Binance Chief Executive Officer Richard Teng pushed back against a report by The Wall Street Journal alleging that Iranian-linked entities continued to move funds through the crypto exchange despite sanctions scrutiny of the company.
The response followed claims that accounts linked to Iranian businessman Babak Zanjani remained active on the platform for months after internal investigators reportedly identified suspicious activity linked to sanctions evasion and money laundering.
In a statement on X, Teng said the newspaper’s reporting contained “fundamental inaccuracies” regarding Binance’s compliance operations and handling of sanctioned entities. He stated that the transactions referenced in the report occurred before the individuals involved were sanctioned and added that Binance had already begun investigating the matter before the newspaper contacted the company.
Teng also said Binance did not permit transactions involving sanctioned individuals and maintained what he described as a growing compliance framework focused on preventing illicit financial activity. According to the statement, the exchange continues cooperating with U.S. and international law enforcement agencies on financial crime investigations.
Reports Detail Alleged Iran-Linked Transactions
The controversy centers on claims that Babak Zanjani, an Iranian businessman who has publicly described himself as an “antisanction operator,” conducted approximately $850 million in transactions on Binance through December 2025. According to internal compliance reports reviewed by the Wall Street Journal, another $1.7 billion linked to the same network may also have moved through the exchange.
The report stated that Binance internally flagged the activity, yet one of the accounts allegedly linked to Zanjani reportedly remained operational for as long as 15 months and was still open in January 2026. Experts cited by the publication reportedly estimated that nearly half of the identified funds may have been connected to financing activities tied to Iran’s military.
The Wall Street Journal also reported that Binance investigators allegedly concluded the accounts formed part of a money laundering network connected to the Iranian regime.
Binance Disputes Findings as Scrutiny Intensifies
Binance denied that the majority of the reported transactions occurred on its platform. A company spokesperson told the newspaper that the exchange took action whenever sanctioned accounts were identified but declined to discuss specific transactions referenced in the report.
The allegations arrive months after Binance filed a defamation lawsuit against the Wall Street Journal over earlier reporting tied to alleged Iran-linked money laundering activity.
Related: Binance Sues WSJ for Defamation Over ‘False’ Iran Sanctions Report
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