Key Takeaways
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Richard Teng disputes WSJ allegations, confirming transactions happened before sanctions were imposed.
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Cryptocurrency movements allegedly tied to Iranian networks predate designation as sanctioned entities.
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Exchange leadership points to enhanced compliance infrastructure and strict anti-illicit finance stance.
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Wall Street Journal article about Zanjani network allegedly mischaracterizes platform’s surveillance capabilities.
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Teng underscores ongoing collaboration with American regulators and upgraded compliance measures.
Richard Teng, the chief executive of Binance, has forcefully disputed allegations that the cryptocurrency platform enabled transactions linked to Iranian entities. A Wall Street Journal investigation claimed that accounts connected to Iranian financier Babak Zanjani processed approximately $850 million in cryptocurrency over a two-year period. Teng maintains that the publication’s characterization fundamentally misrepresents both the chronology and compliance framework surrounding the purported activity.
Transaction Timeline and Compliance Assessment
The Binance chief executive clarified that the financial movements in question took place prior to any sanctions designation of the parties involved. According to Teng, the platform had independently initiated an investigation into this activity well before journalists from the Wall Street Journal made contact. The company’s internal audit system identified several accounts, which underwent evaluation according to established compliance standards.
Further accounts connected to Zanjani’s network, encompassing relatives and business affiliates, were operated using identical hardware devices. Teng explained that these accounts’ operations remained within the parameters of standard pre-designation oversight. The exchange’s compliance infrastructure continuously monitored transaction behaviors and generated alerts for the relevant internal departments.
The Department of Justice has conducted inquiries into possible Iran-connected operations on Binance. Treasury Department representatives also referenced more than $1 billion purportedly associated with Iranian entities during 2024 and 2025. Teng stressed the platform’s sustained coordination with American regulatory bodies to maintain full compliance with applicable rules.
Legal Proceedings and Regulatory Standing
The Binance chief executive drew attention to the exchange’s active defamation case against the Wall Street Journal. This legal action challenges previous assertions about Iran-connected transactions and the conduct of compliance personnel. The platform contends that earlier journalism included factual errors regarding its internal oversight mechanisms.
During 2023, Binance entered a guilty plea to American charges involving anti-money-laundering failures and sanctions breaches. The resolution included a $4.3 billion financial penalty and submission to independent compliance oversight. Since that agreement, Teng has directed comprehensive upgrades to the platform’s monitoring and identity verification systems.
Exposure to sanctioned entities allegedly declined by 96.8% from January 2024 through July 2025. The compliance division now employs over 1,500 professionals dedicated to investigations, risk assessment, and regulatory adherence. Teng emphasized the organization’s absolute prohibition against facilitating illegal financial operations.
Enhanced Surveillance and Operational Clarity
The platform’s chief executive highlighted continuous improvements to monitoring infrastructure. The organization handles tens of thousands of requests from law enforcement agencies each year. Asset recovery efforts targeting criminally-obtained funds represent a component of comprehensive risk mitigation strategies.
Binance deploys more than 25 distinct monitoring systems to evaluate both transactions and account holders. Teng made clear that no financial activity involving sanctioned parties is allowed under any circumstances. Identity verification procedures and location-based access controls provide additional protective layers.
Teng indicated that internal audit findings had been communicated to Wall Street Journal reporters before their story appeared. He characterized the published statistics and account connections as presenting an inaccurate contextual picture. The chief executive reaffirmed that all platform operations conform to regulatory requirements and internal compliance benchmarks.
Binance’s leadership continues to assert that the exchange implements comprehensive anti-money-laundering safeguards. Ongoing partnership with international authorities remains a priority. Executive management emphasizes the principles of transparency, regulatory compliance, and institutional responsibility throughout all business functions.
