Binance is again disputing a Wall Street Journal report, this time alleging the exchange facilitated $850 million in transactions linked to Iran through a single account connected to financier Babak Zanjani over roughly two years.
CEO Richard Teng responded swiftly, calling the report riddled with 'fundamental inaccuracies.' His core argument: the transactions occurred before any formal sanctions were imposed on the parties involved.
The Journal published earlier reports in February 2026 alleging even larger volumes, between $1 billion and $1.7 billion. Those triggered a defamation lawsuit from Binance, a US Department of Justice investigation into potential sanctions evasion, and Senate inquiries led by Senator Richard Blumenthal.
Teng maintains the exchange has a 'zero tolerance' policy for sanctioned transactions and emphasizes Binance’s cooperation with regulators. He points to the inherent complexity of blockchain tracing, which can lead to misattributions.
Babak Zanjani was previously convicted in Iran on corruption charges and has long been linked to networks accused of circumventing international sanctions on Iranian oil revenues. Binance denies any connection to Iranian military organizations as characterized by the Journal.
For BNB holders, the value is tied to the exchange’s health. Binance survived a $4.3 billion settlement with US authorities in 2023 and founder Changpeng Zhao’s prison sentence. The DOJ investigation remains the key wildcard; a second major enforcement action could test whether Binance’s compliance overhaul has produced real change.