Binance CEO Answers WSJ Allegations Of Aiding Iran Evade Sanctions

• Binance CEO Richard Teng countered a recent WSJ article against their company, calling it full of “fundamental inaccuracies.”
• The news agency, citing the company’s internal reports, claimed the crypto exchange facilitated $850M transactions from sanctioned individuals in Iran.

Binance recently fired back at a Wall Street Journal (WSJ) article. The publication claimed that the world’s largest crypto exchange assisted Iran in moving money for its war efforts against the US and other countries in the Middle East.

The WSJ Allegations Against Binance

The WSJ earlier accused Binance of allowing Babak Zanjani, an Iranian describing himself as an “antisanction” operator, to run his operations. The article revealed that his group aided the Iranian regime in moving approximately $850 million through digital asset transactions over two years.

Citing internal Binance compliance reports as a source, the WSJ traced most of Babak’s transactions on a single wallet. Some transfers flowed through his sister, romantic partner, and director of his company. Additionally, it noted that the crypto exchange’s investigators found that his allies maintained additional accounts, but their activities originated from the same devices Babak was using.

Binance CEO Highlights Their Company’s Strong Compliance Framework

Richard Teng, CEO of Binance, blasted right into the WSJ report. He stated that the New York-based news organization’s allegations against their company were rife with “fundamental inaccuracies.”

Moreover, Teng argued that Binance maintains a strong compliance framework. He explained that the company does not engage with or facilitate transactions of sanctioned individuals.

The CEO admitted that it allowed transactions from the individuals the WSJ identified. However, he clarified that the transactions occurred before the sanctions were imposed on Babak and his crew.

Teng said that Binance proactively investigated the matter before the WSJ outreach. Then, he highlighted that the company provided the news outlet with its findings, but the agency opted not to mention such facts in its exposé.

Binance’s top exec told the public that the company does not condone illegal transactions. It also ensured its utmost cooperation with law enforcement authorities from the US and the international community.

“Binance has zero tolerance for illicit activity and has built and operates a best-in-class, industry-leading compliance program that continues to grow,” said Teng. “Binance will continue working closely with US and global law enforcement authorities to combat financial crime.”

The move follows similar accusations from various US regulators and enforcement agencies years ago. It led to a lawsuit and a subsequent guilty plea by Binance and its former CEO, Changpeng “CZ” Zhao.

The case resolved with a settlement of more than $4 billion from the company and its former CEO. Furthermore, CZ served four months behind bars for multiple compliance and legal violations.

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