A recent report by The Wall Street Journal has raised serious allegations against Binance, the leading cryptocurrency exchange, claiming it facilitated a covert payments network linked to Iran. The publication provides the following information: the report suggests that this network moved around $850 million, with activities persisting until late 2025, amid rising tensions between the US and Iran.
Allegations Against Binance
According to the report, the payments network was allegedly operated by Iranian businessman Babak Zanjani, who is said to have processed these transactions during a critical period of geopolitical strife. The findings have sparked concerns regarding the potential implications for Binance and its compliance with international regulations.
Response from Binance CEO
In response to the allegations, Binance CEO Richard Teng has vehemently denied the claims, labeling the report as fundamentally inaccurate. Teng further accused The Wall Street Journal of omitting crucial information that could provide a more balanced view of the situation, emphasizing the exchange's commitment to transparency and regulatory adherence.
Following the recent allegations against Binance regarding its involvement in a covert payments network linked to Iran, Senator Richard Blumenthal has initiated a formal investigation into the exchange for possible sanctions violations. For more details, see the investigation.
