Key Takeaways
Richard Teng disputes WSJ allegations, emphasizing transactions predated sanctions implementation.
Questioned crypto activity involving Iranian entities took place before regulatory restrictions were imposed.
Exchange leadership underscores enhanced compliance infrastructure and strict anti-illicit-activity stance.
Wall Street Journal’s coverage of Zanjani-related transactions allegedly distorts compliance monitoring realities.
Teng reaffirms ongoing collaboration with U.S. regulators and upgraded compliance frameworks.
Richard Teng, chief executive of Binance, has forcefully dismissed allegations that the cryptocurrency exchange enabled transactions connected to Iranian entities. A Wall Street Journal investigation claimed that Iranian businessman Babak Zanjani utilized Binance infrastructure to transfer approximately $850 million across a two-year period. Teng contends the publication fundamentally mischaracterized both the chronology and compliance framework surrounding the purported transfers.
Transaction Timeline and Oversight Procedures
According to Teng, the flagged transactions took place before the relevant parties faced sanctions designations. The platform had already initiated an internal examination of the activity before journalists made contact. Compliance systems identified several connected accounts, which underwent evaluation according to established protocols.
Further accounts tied to Zanjani’s network, including relatives and business partners, showed access patterns from identical devices. The CEO explained that these accounts’ operations fell within standard pre-sanction surveillance parameters. Monitoring infrastructure continuously tracked transaction behaviors and generated alerts for review teams.
The Department of Justice has examined possible Iran-connected operations on Binance. Treasury Department representatives also referenced more than $1 billion purportedly associated with Iran during 2024 and 2025. Teng stressed the platform’s sustained engagement with U.S. regulatory bodies to maintain full regulatory compliance.
Legal Position and Regulatory Background
Teng drew attention to the platform’s active defamation action against the Wall Street Journal. This litigation challenges previous reporting concerning Iran-connected transactions and compliance personnel decisions. The exchange asserts that earlier journalism included factual errors regarding its control mechanisms.
During 2023, Binance entered a guilty plea for violations of U.S. anti-money-laundering and sanctions legislation. The resolution involved a $4.3 billion financial penalty and submission to independent compliance oversight. Teng has directed enhancements to surveillance and identity verification systems following this settlement.
Exposure to sanctioned entities purportedly declined 96.8% between January 2024 and July 2025. The compliance workforce now exceeds 1,500 professionals dedicated to investigations, monitoring, and risk mitigation. Teng emphasized the platform’s absolute prohibition against illicit financial conduct.
Enhanced Safeguards and Operational Accountability
The chief executive highlighted continuous refinements to the platform’s surveillance capabilities. The organization handles tens of thousands of law enforcement inquiries each year. Asset recovery efforts targeting proceeds of illegal activity form part of comprehensive risk controls.
The platform deploys more than 25 specialized monitoring systems to evaluate transactions and account holders. Teng made clear that transactions involving sanctioned persons are categorically prohibited. Identity verification procedures and geographic access limitations strengthen protective measures.
Teng indicated that internal investigation findings had been provided to the WSJ before story publication. The reported transaction volumes and account relationships were characterized as contextually distorted. The CEO reaffirmed that all platform activity conforms to regulatory requirements and internal compliance benchmarks.
Teng maintains the exchange upholds stringent anti-money-laundering frameworks. The platform sustains active partnerships with international regulatory authorities. Executive leadership emphasizes transparency, compliance adherence, and responsibility throughout all business functions.
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