Binance Rejects WSJ Claims Over Alleged $850M Iran-Linked Transactions

Crypto exchange Binance has denied allegations in a new Wall Street Journal report claiming the platform processed around $850 million in transactions linked to a sanctioned Iranian financier and Iran’s Islamic Revolutionary Guard Corps (IRGC).

Binance CEO Richard Teng called the report “fundamentally inaccurate” in a post on X, arguing that the exchange never knowingly allowed transactions involving sanctioned individuals. Teng said any flagged activity happened before the people involved were added to United States sanctions lists.

Allegations Focus on Babak Zanjani Network

The report identified Babak Zanjani as a key figure behind an alleged crypto payment network. According to the claims, accounts linked to Zanjani, his associates and company Zedcex reportedly moved funds through Binance over a two-year period.

The report also alleged Binance compliance teams flagged suspicious activity connected to Tehran-based access in late 2024. Internal investigators reportedly recommended account closures and regulatory reporting, though the accounts allegedly remained active.

Binance Says Compliance Standards Have Improved

Binance stressed that it maintains a zero-tolerance policy for illicit activity and has strengthened its compliance systems since its 2023 settlement over anti-money laundering and sanctions violations.

Previous Investigations Still Under Scrutiny

The exchange also denied earlier claims that it ended an internal investigation into Iran linked financial activity. Binance said its compliance efforts remain active and continue to cooperate with regulators and law enforcement agencies globally.