Binance is once again sparring with the Wall Street Journal over allegations that the exchange facilitated hundreds of millions of dollars in transactions tied to Iran. This time, the reported figure is $850 million, allegedly routed through a single Binance account linked to Iranian financier Babak Zanjani over a roughly two-year period.
CEO Richard Teng fired back on the same day the report dropped, calling the Journal’s characterization riddled with “fundamental inaccuracies.” His core argument: the transactions in question occurred before any formal sanctions were imposed on the parties involved.
The latest chapter in a months-long feud
The Journal published earlier reports in February 2026 alleging even larger Iran-linked transaction volumes, in the range of $1 billion to $1.7 billion. Those pieces triggered a cascade of consequences that Binance is still navigating.
In March 2026, Binance filed a defamation lawsuit against the Wall Street Journal. The February reports also caught the attention of federal authorities. The US Department of Justice opened an investigation into potential sanctions evasion related to Binance. Senator Richard Blumenthal launched separate Senate inquiries between February and April 2026, probing Binance’s compliance practices and operations.
