Binance CEO Says Exchange Didn’t Allow Trades by Sanctioned Iranians, Rejects WSJ Report

Binance Chief Executive Officer Richard Teng rejected a Wall Street Journal report that raised questions about Iran-linked fund flows, saying the transactions at issue took place before the individuals involved were sanctioned and that the exchange did not permit trading by sanctioned people.

Crypto outlet Odaily reported on May 22 that Teng wrote on X that the Journal article still contained fundamental errors about the facts and Binance’s compliance system.

“The transactions referenced by the WSJ all occurred before the relevant individuals were designated under sanctions,” Teng wrote. “Binance did not allow any sanctioned individuals to trade on the platform.”

He also said Binance had conducted its own internal review before receiving questions from the Journal and had shared the relevant information, but that it was not reflected in the article.

Teng added that Binance applies a zero-tolerance policy toward illegal activity. He said the exchange has built what it called an industry-leading compliance system and will continue cooperating with U.S. and global law enforcement authorities to combat financial crime.

The Journal previously reported that a network run by Iranian businessman Babak Zanjani processed about $850 million of transactions through Binance until recently. It said the fund flows may have been linked to financing tied to the Iranian government and military organizations.