Binance has rejected a Wall Street Journal report that alleged its platform was used in a large payment network linked to Iran. The report claims an Iranian operator, Babak Zanjani, helped move about $850 million over two years through Binance, mainly using a single trading account. It also said the activity may have supported Iran-linked military funding during a period of rising tensions with the United States.
According to the report, the transactions continued until as recently as December, based on internal Binance compliance documents cited by the WSJ. Binance Co-CEO Richard Teng has pushed back on the claims, saying the report is inaccurate and does not reflect the company’s compliance rules.
Teng said Binance operates a strict compliance system and does not allow trading by sanctioned users. He added that the transactions mentioned in the report occurred before the individuals were added to sanctions lists.
The WSJ’s reporting continues to contain fundamental inaccuracies about the facts and Binance’s commitment to a strong compliance framework.
Fact: Binance did not permit any transactions with sanctioned individuals on its platform, and transactions mentioned by WSJ happened…
— Richard Teng (@_RichardTeng) May 22, 2026
Did Binance allow transactions with sanctioned individuals?
Teng said Binance did not allow any transactions involving sanctioned individuals while they were under sanctions. He explained that the activity referenced in the WSJ report occurred before sanctions were officially applied.
He also said that once users are added to sanctions lists, Binance blocks access and prevents any further activity on the platform. According to him, the system is designed to quickly detect and restrict flagged users.
Did Binance review these issues before the WSJ report?
Binance said it had already conducted an internal review before the Wall Street Journal contacted the company. Teng said the investigation was completed early and the findings were shared with the publication during its reporting process.
The company also said it provided full explanations and context, but claims that some of this information was not reflected in the final article.
Binance says its compliance system follows zero-tolerance approach
Binance said it follows a zero-tolerance approach to illegal activity and continues to expand its compliance framework as it grows globally. The company described its system as strong and built to meet regulatory expectations across multiple regions.
It also said it works closely with US and international law enforcement agencies to help detect and prevent financial crime. Binance added that compliance remains a key priority as the industry becomes more regulated.
Meanwhile, Binance expanded access to its Institutional Loan service, allowing all KYB-verified VIP users to borrow against crypto holdings while introducing higher leverage, fixed-rate loans, and a new interest rebate program.
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