Binance Accused of Processing $850M in Crypto Tied to Iranian Networks

Table of Contents The world’s leading cryptocurrency exchange, Binance, finds itself facing renewed allegations following a Wall Street Journal investigation that claims the platform processed $850 million in transactions connected to a sanctioned Iranian financier across a two-year timeframe. 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 The investigation pointed to Babak Zanjani, who was re-sanctioned by United States authorities in January, as running a cryptocurrency payment operation through Binance user accounts. The Journal reported that Zanjani’s company, Zedcex, operated alongside accounts registered to his sister, a romantic partner, and a company executive, all accessed via identical devices — a red flag that Binance’s internal compliance team identified as potential sanctions circumvention. Binance’s internal monitoring systems identified that the Zedcex account was being accessed from Tehran in late 2024. Despite generating over a dozen internal compliance alerts, the account allegedly continued to function for more than 15 months. Internal investigators reportedly pushed for the accounts to be terminated and for authorities to be notified, yet according to the Journal’s reporting, those recommendations were not implemented. The allegations extend beyond the Zanjani-connected network. The Journal’s investigation claims that Iran’s central bank deposited $107 million in cryptocurrency into Binance accounts during 2025. Additionally, a foreign law enforcement agency reportedly traced approximately $260 million in transactions flowing directly between Binance accounts and Iranian entities throughout 2024 and 2025. In 2023, Binance admitted guilt to violations of anti-money laundering regulations and sanctions protocols, resulting in a historic $4.3 billion penalty. The exchange committed to comprehensive compliance reforms as part of that settlement. Nevertheless, the Journal maintains that the purported Iranian-linked transactions recommenced soon afterward. Binance CEO Richard Teng has forcefully challenged the allegations through a statement on X, characterizing the Journal’s reporting as “fundamentally inaccurate.” He maintained that Binance has never authorized transactions involving sanctioned parties, and that any suspicious activity identified occurred prior to those individuals being designated under US sanctions. Teng further stated that Binance had already conducted internal investigations into these matters before the Journal reached out, and that critical facts provided by the exchange were omitted from the published story. “Binance has zero-tolerance for illicit activity,” Teng declared. The exchange has initiated defamation proceedings against the Wall Street Journal, requesting monetary damages and a jury trial. Binance informed Cointelegraph that it maintains ongoing cooperation with regulatory bodies and law enforcement agencies, while denying awareness of a Department of Justice probe that was reported separately in March. In February, the Journal had previously claimed that Binance terminated an internal investigation into approximately $1 billion that allegedly reached networks connected to Iranian proxy organizations. Binance disputed those claims as well, asserting that its internal investigation remained active. The US Department of the Treasury has cautioned financial institutions about potential repercussions for enabling transfers on behalf of Iran, and has seized $344 million in Iranian-controlled cryptocurrency through its “Economic Fury” initiative. Treasury representatives also convened with Binance leadership in March to address compliance issues related to the 2023 plea agreement, including transactions involving Iranian entities, according to individuals with knowledge of the discussions. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.