Binance CEO pushes back on WSJ sanctions report

Binance CEO Richard Teng has rejected a new Wall Street Journal report, saying it contains wrong claims about the exchange’s sanctions controls.

Teng said in a post on X that the WSJ report contains “fundamental inaccuracies” about Binance and its compliance program. He said Binance did not permit transactions with sanctioned individuals and that the transactions mentioned by the publication happened before the people involved were sanctioned.

The WSJ reported that Iranian-linked networks used Binance accounts to move large sums, including funds allegedly tied to sanctioned activity. The report said the activity involved accounts connected to financier Babak Zanjani and crypto firm Zedcex. Binance disputed the claims and said the information was inaccurate.

Teng says Binance reviewed the matter

Teng said Binance had already reviewed the issues before the WSJ contacted the company. He also said Binance gave those details to the publication, but they were not included in the report.

He added that Binance has “zero-tolerance for illicit activity” and will continue working with U.S. and global law-enforcement agencies to fight financial crime. The comment keeps Binance’s defense focused on timing, internal review, and cooperation with authorities.

Compliance record stays under review

The latest dispute follows earlier reports and government questions about Binance’s sanctions systems. In March, Binance formally denied allegations that it allowed transactions linked to Iran and said media reports cited in a U.S. Senate inquiry contained false claims about its compliance program.

Binance said at the time that it requires identity checks for every user and bars people located in Iran from using the exchange. The company also said it uses more than 25 monitoring tools to screen users and review transactions.

Past settlement shapes the debate

The issue remains sensitive because Binance pleaded guilty in 2023 to U.S. anti-money-laundering and sanctions violations. The Justice Department said Binance agreed to pay more than $4.3 billion and retain an independent compliance monitor as part of that resolution.

U.S. officials said the case included failures that allowed transactions between U.S. users and users in sanctioned jurisdictions, including Iran, between 2018 and 2022. Binance has since said it rebuilt parts of its compliance system and improved its monitoring.

Binance points to stronger controls

Binance has repeatedly pointed to recent metrics as proof of progress. Earlier reports said the exchange claimed sanctions-related exposure fell 96.8% between January 2024 and July 2025, from 0.284% of total exchange volume to 0.009%.

The company also said more than 1,500 workers now support compliance, sanctions screening, investigations, and risk functions. Binance said it processed more than 71,000 law-enforcement requests in 2025 and helped authorities recover funds linked to illicit activity.