Binance Disputes Report on Iran-Linked Crypto Activity Network

TLDR

• Binance rejected a Wall Street Journal report linking it to Iran-related financial activity.
• The report claimed Babak Zanjani used Binance to process about $850 million in transactions.
• Binance said the report misrepresented its role and included inaccurate information.
• CEO Richard Teng stated the transactions occurred before any sanctions were applied.
• The company said it had already investigated the activity before media inquiries.

Binance has rejected a Wall Street Journal report linking its platform to Iran-related financial activity. The report alleged that financier Babak Zanjani used Binance in a network processing $850 million. Binance said the claims misrepresent its role and include outdated or inaccurate information.

Binance Denies Role in Alleged Iran-linked Crypto Network

The Wall Street Journal reported that Babak Zanjani operated a payment network using Binance accounts. The report claimed the network processed about $850 million over two years.

It stated that most activity occurred through a single trading account. The account reportedly remained active until January this year. The report also said Zanjani’s associates managed related accounts. These accounts included his sister, partner, and a company director.

Binance investigators reportedly flagged shared device access patterns. The findings suggested coordination across multiple linked accounts. CEO Richard Teng rejected the report in a public post. He said the coverage was “fundamentally inaccurate.”

Teng stated that the transactions happened before any sanctions were applied. He also said Binance had already investigated the activity before media inquiries. A company spokesperson said Binance does not allow sanctioned individuals to transact. The spokesperson added that the report overstated Binance’s involvement.

Regulatory Scrutiny and Legal Dispute Continue for Binance

Binance argued that the report confused blockchain activity with direct platform usage. It said this included deposits, withdrawals, and broader network flows. The company emphasized that it maintains strict compliance controls. Teng said Binance has “zero tolerance for illicit activity.” The report comes during an ongoing legal dispute between Binance and the newspaper. Binance filed a defamation lawsuit in March over earlier reporting.

The lawsuit challenged claims about Iran-linked flows and internal compliance issues. Binance said those earlier claims were false. U.S. authorities have also reviewed the situation involving Binance. The Department of Justice has investigated possible sanctions evasion links.

In May, the U.S. Treasury issued a private request to Binance. It asked the exchange to follow its compliance monitoring program. That program stems from Binance’s 2023 guilty plea agreement. Officials cited reports of over $1 billion in Iran-linked flows during 2024 and 2025.

Binance said it continues to cooperate with regulators and enforcement agencies. The company maintains that it enforces strict controls on its crypto trading platform. The legal case against the Wall Street Journal remains active. No court decision has been announced at the time of publication.

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