The WSJ report, citing an internal Binance compliance document, alleged the network was operated by Iranian businessman Babak Zanjani — who has described himself as an “antisanction operator” — and processed approximately $850 million in transactions over roughly two years through a single account on the platform. The activity allegedly continued through December 2025, a period during which US-Iran tensions were escalating sharply following military strikes.
The May 22 report is not the first clash between Binance and the Wall Street Journal on this subject. In February 2026, the Journal published a separate report on alleged $1 billion in Iran-linked crypto transfers, which Teng publicly described at the time as false and defamatory. Binance filed a lawsuit against Dow Jones, the Journal’s publisher, on March 11, per multiple reports — escalating what had been a public dispute into formal litigation.
Binance has pointed to its own compliance metrics as evidence of material progress since its landmark 2023 guilty plea to US anti-money laundering and sanctions violations, which resulted in a $4.3 billion settlement with the Department of Justice and the appointment of an independent compliance monitor.
The exchange has stated that sanctions-related exposure as a share of total volume fell 96.8% between January 2024 and July 2025, and that direct exposure to four major Iranian crypto exchanges declined 97.3% over the same period, per earlier reporting. The exchange also processed more than 71,000 law enforcement requests in 2025.
The US Senate’s Permanent Subcommittee on Investigations separately sent a formal letter to Teng in February 2026 demanding records related to Binance’s role in alleged Iranian money laundering — citing the earlier WSJ and New York Times reporting — a demand that signals congressional scrutiny has not receded alongside the exchange’s compliance improvements.
This development marks a critical and uncomfortable moment for Binance as it works to rebuild institutional credibility following its 2023 settlement. Whether the WSJ’s latest allegations translate into fresh regulatory action, expanded DOJ scrutiny, or accelerated congressional investigation will depend heavily on the underlying facts that neither side has yet fully disclosed in a public forum — and a legal battle that is only just beginning.
Cover image from Grok, BTCUSD chart from Tradingview
