Binance Co-CEO Richard Teng has publicly rejected fresh Wall Street Journal (WSJ) reporting tied to alleged Iran-linked crypto transactions, accusing the publication of omitting critical context surrounding the exchange’s compliance practices.
In a statement posted on X, Teng said the May 21, 2026 report, titled “Iran Moved Billions Through Binance to Fund Regime—Continuing Into This Month,” contained “fundamental inaccuracies” regarding Binance’s operations and sanctions enforcement procedures.
“Fact: Binance proactively investigated these issues before the WSJ outreach. Binance provided these facts to the WSJ and it did not print them,” Teng said, referring to earlier reporting tied to alleged Iran-linked transactions.
Binance shares compliance details
In the same post, Teng said that the transactions referenced in the latest reporting took place before the individuals involved were formally sanctioned. He also defended Binance’s anti-money laundering framework, saying the exchange maintains a “zero-tolerance” approach toward illicit finance and continues cooperating with global law enforcement agencies.
The latest comments also build on a broader legal and regulatory battle between Binance and The Wall Street Journal that escalated earlier this year.
In February 2026, Richard Teng previously described WSJ reporting tied to alleged $1 billion Iran-linked crypto transfers as “false” and “defamatory,” while Binance demanded a full retraction from the publication. The exchange later filed a lawsuit against WSJ in March after reports alleged Binance dismantled an internal investigation into transactions tied to Iranian-linked entities. On the same day, reports also indicated the U.S. Department of Justice (DOJ) had opened a fresh probe into whether Iran used Binance to evade U.S. sanctions.
Moreover, a Fortune report during that time made similar claims and said internal investigators flagged more than $1 billion in suspicious flows allegedly connected to networks linked to Iran-backed groups. Binance denied those allegations and disputed claims that employees were dismissed for raising compliance concerns. Founder Changpeng Zhao also responded to that report and called the allegations “self-contradictory” and claimed that the report had relied too much on unnamed, anonymous sources, thus risking lopsided narratives.
Compliance scrutiny expands across crypto industry
The dispute comes as regulators globally increase scrutiny around sanctions enforcement, transaction monitoring, and anti-money laundering controls across crypto platforms.
Since Binance’s multibillion-dollar U.S. settlement in 2023, the exchange has continued expanding its compliance operations, regulatory oversight programs, and law enforcement coordination efforts. In February this year, following the media reports questioning how it handles sanctions-related risks, Binance also shared its compliance framework saying that 25% of its global workforce works in compliance-related roles and that after it made more reforms sanctions risks also dropped 97%.
Meanwhile, regulators in the United States, Europe, and Asia are increasingly focused on how exchanges identify sanctioned entities, monitor cross-border flows, and prevent illicit finance through stablecoins and digital asset networks.
The broader compliance debate also arrives as crypto firms expand deeper into payments, tokenized finance, stablecoins, and institutional infrastructure, increasing pressure on exchanges to align more closely with traditional financial regulatory standards.
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