Binance's CEO, Richard Teng, has rejected allegations from a Wall Street Journal report that the exchange facilitated $850 million in transactions linked to Iran's Islamic Revolutionary Guard Corps (IRGC). The report, published on May 22, 2026, claimed that funds tied to Iranian financier Babak Zanjani flowed through Binance over a two-year period, despite the company previously settling anti-money laundering violations.
Teng stated in a post on X that the reporting was “fundamentally inaccurate” and emphasized that Binance had not allowed transactions with sanctioned individuals. He also asserted that any flagged activities occurred prior to sanctions being imposed. Furthermore, Teng mentioned that Binance had conducted its own investigation into these issues before the Journal reached out.
The Journal's investigation indicated that Binance's internal compliance systems had raised alarms about the Zedcex account, associated with Zanjani, which was reportedly accessed from Tehran in late 2024. Although internal recommendations suggested shutting down the account, it allegedly remained active for over a year. Following a guilty plea to sanctions violations and a $4.3 billion fine in 2023, Binance faces ongoing investigations regarding its compliance practices.