At this moment in time, the competition between two of the largest companies within their respective industry sectors is at an unprecedented level. CEO Richard Teng of Binance has publicly stated his discontentment with an in-depth written article about both him personally as well as the company published in the Wall Street Journal. The article claims that Binance processed $850 million in transactions connected to a blocked Iranian financier through its exchange and that these transactions eventually ended up with the IRGC (Iranian Revolutionary Guard Corps). As the digital asset industry watches closely, Binance is fighting hard to protect its reputation.
A Fierce Denial from the Top
Taking to the social media platform X, Teng did not mince his words. He dismissed the entire premise of the investigation, labeling the reporting as “fundamentally inaccurate.” According to the chief executive, Binance has never knowingly permitted transactions involving sanctioned individuals. He argued that any suspicious activity flagged by internal systems occurred long before the United States government officially placed those specific individuals on its active sanctions list. Furthermore, Teng expressed deep frustration that critical context, alongside documented facts provided by the company, were completely excluded from the final published story.
Unpacking the Core Allegations
At the center of this drama is Babak Zanjani, an Iranian financier re-sanctioned by the U.S. government in January. The Journal names Zanjani as the architect of a massive crypto payment network. Through his firm Zedcex, alongside accounts managed by associates, Zanjani allegedly funneled $850 million through Binance over two years. The publication claims internal compliance alarms began ringing in late 2024 after detecting access from Tehran, yet the main account inexplicably remained active for over a year despite internal recommendations to shut it down.
Shadows of a Historic Settlement
These new accusations are especially painful for the crypto giant. Based on information received as of October 2023, Binance admitted responsibility for their failure to comply with various Anti-Money Laundering (AML) and sanctions laws leading to an unprecedented fine imposed against them of $4.3 billion. As part of this outcome, the company has also committed to change its compliance processes significantly. However, the WSJ claims that alleged Iranian fund flows continued shortly after the resolution of these cases. This puts a serious dent in the exchange’s image that it is now a reformed and compliant financial institution.
Beyond a Single Financial Network
The investigation is not limited only to the immediate circle of Zanjani, who has been the subject of the investigation but includes transactions taking place globally. A report states that Iran’s central bank moved $107 million (USD) in digital asset form to Binance in 2025. In addition, law enforcement from outside of Iran are reporting to have traced approximately $260 million (USD) in the transfer of funds between Binance accounts and Iranian terrorist financiers during 2024 and 2025. In response to these sweeping claims, Teng reiterated that Binance maintains a strict zero-tolerance policy for illicit activity and currently operates a world-class compliance program.
Legal Battles and Ongoing Scrutiny
This is not the first time Binance and the prominent publication have locked horns in a public battle. Earlier this year, a separate report accused the exchange of actively shutting down an internal probe into a billion-dollar pipeline linked to Iranian proxy groups. Binance categorically denied those claims, stating the probe continued and successfully uncovered complex financial webs. Due to increasing tension, Binance has filed a major defamation suit against the publisher and is seeking damages as well as a jury trial. The company has adamantly stated that it does not have any knowledge of an additional DOJ investigation into these matters and is fully cooperating with all global law enforcement agencies.
