Binance denies new WSJ report alleging $850M in Iran-linked transactions

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Source: Richard Teng The Journal claimed that Binance’s internal compliance reports flagged the Zedcex account after detecting access from Tehran in late 2024. The account stayed open for more than a year, triggering over a dozen further internal alerts. Binance’s own investigators recommended the accounts be shut down and reported to authorities, but the Journal says the accounts remained active. Related: Binance launches SpaceX-linked perpetual futures ahead of IPO Binance pleaded guilty in 2023 to anti-money laundering and sanctions violations and paid a record $4.3 billion fine, pledging to overhaul its compliance systems. However, according to the Journal, the alleged Iranian fund flows resumed shortly after. In March, the Journal also reported that the Justice Department is now investigating Iran’s use of Binance to evade sanctions in the wake of that guilty plea. Following the report, Binance filed a defamation lawsuit against the publication, seeking damages and a jury trial. The exchange denied knowledge of any DOJ investigation, telling Cointelegraph it continues to cooperate with regulators and law enforcement. Beyond Zanjani's network, the Journal claimed that Iran’s central bank moved $107 million in crypto into Binance accounts in 2025, and a foreign law-enforcement agency tracked roughly $260 million in direct transactions between Binance accounts and Iranian terrorist financiers during 2024 and 2025. “Binance has zero-tolerance for illicit activity and has built and operates a best-in-class industry-leading compliance program that continues to grow,” Teng wrote on X. Related: Binance says AI-powered security has thwarted $10B in fraud since 2025 In February, another Journal report alleged Binance shut down an internal investigation into roughly $1 billion that flowed through the platform to networks linked to Iranian proxy groups. Binance denied dismantling any compliance investigation, saying its internal probe continued and uncovered a sophisticated, multi-jurisdictional pattern of financial activity across Asia, the Middle East and beyond. The exchange also published a blog post addressing what it called false claims, and separately responded to a Senate inquiry in March, denying it facilitated transactions to Iranian entities. Magazine: Guide to the top and emerging global crypto hubs — Mid-2026 More on the subject

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