Binance CEO Richard Teng dismissed a fresh Wall Street Journal investigation, claiming the exchange processed $850 million in transactions linked to a sanctioned Iranian financier that ultimately ended up with Iran’s Islamic Revolutionary Guard Corps.
On Friday post on He also claimed that Binance investigated the issue before the Journal contacted the company and that the facts it provided were not included in the story.
Journal Report, published on Thursday identified Babak Zanjani, who was re-sanctioned by the United States in January, as the central figure in a secret crypto payments network that funneled $850 million over two years through Binance accounts. The report found that Zanjani’s company, Zedcex, along with accounts belonging to his sister, a romantic partner and a company executive, operated using the same devices.
Source: Richard Teng
The Journal found that Binance’s internal compliance reports flagged the Zedcex account after discovering access from Tehran in behind schedule 2024. The account remained open for more than a year, prompting more than a dozen subsequent internal alerts. Binance investigators recommended closing the accounts and reporting them to authorities, but the journal says the accounts remained busy.
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Binance allowed Iranian funds after settlement: WSJ
In 2023, Binance pleaded guilty to anti-money laundering and sanctions violations and paid a record $4.3 billion fine, pledging to change its compliance systems. However, according to The Journal, alleged fund flows from Iran resumed shortly thereafter.
In March, the Journal also reported that the Justice Department is currently investigating Iran’s employ of Binance to avoid sanctions following its guilty plea. Following the report, Binance filed a defamation lawsuit against the publication, seeking damages and a jury trial. The exchange denied knowledge of any Department of Justice investigation, telling Cointelegraph that it continues to cooperate with regulators and law enforcement.
Off-Net Zanjani Journal alleged that Iran’s central bank moved $107 million in cryptocurrencies to Binance accounts in 2025, and a foreign law enforcement agency tracked approximately $260 million in direct transactions between Binance accounts and Iranian terrorism financiers in 2024 and 2025.
“Binance has zero tolerance for illegal activity and has built and operates a best-in-class, industry-leading compliance program that continues to evolve,” Teng wrote on X.
Related: Binance claims AI-powered security has prevented $10 billion in fraud since 2025
Binance denies closing internal investigation into Iran
Another Journal in February report Binance has reportedly closed an internal investigation into approximately $1 billion that flowed through the platform to networks linked to Iranian proxy groups. Binance has denied completing any compliance investigation, saying its internal investigation continued and uncovered a sophisticated, multi-jurisdictional pattern of financial activity in Asia, the Middle East and beyond.
Exchange as well published published a blog post regarding the so-called false claims and separately responded to a Senate inquiry in March, denying that he facilitated transactions for Iranian entities.
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