Key Highlights
- CEO Richard Teng called the WSJ report “inaccurate and defamatory” and sent a formal letter (via Withersworldwide) demanding immediate corrections, full retraction, and removal of the article.
- WSJ claimed Binance processed over $1 billion in transactions linked to sanctioned Iranian entities—mostly USDT via Tron—with ties to terrorism financing, and fired at least five compliance staff who flagged the issues in late 2025.
- The exchange released data showing sanctions exposure dropped ~97% since early 2024, and direct links to major Iranian exchanges fell 97.3%, crediting heavy investment in screening, a 1,500+ compliance team, and post-2023 reforms.
Richard Teng, CEO at the largest crypto exchange Binance, hit back hard to the Wall Street Journal story alleging the crypto exchange let billions slip to Iranian entities in breach of sanctions and then axed the staff who raised red flags.
In his latest X post, Teng called the WSJ report “inaccurate” and “defamatory.” He attached a formal letter from law firm Withersworldwide demanding the paper print immediate corrections and fully retract the claims.
“The Wall Street Journal published defamatory claims, and despite our efforts to set the record straight, the journalist failed to acknowledge any of our corrections on the allegations,” Teng said. “We have sent the attached letter demanding immediate corrections and a full retraction of these false statements.”
Richard’s remarks come days after Binance shared new compliance data showing sanctions-related exposure has plunged dramatically following major reforms. In the detailed report, the exchange shared that the share of total trading volume tied to sanctioned entities and high-risk jurisdictions dropped 96.8%, from 0.284% in January 2024 to just 0.009% by July 2025, often rounded to a 97% reduction in headlines.
Moreover, Binance also highlighted a steep drop in direct exposure to the four largest Iranian crypto exchanges, down over 97.3% from $4.19 million in January 2024 to about $110,000 in January 2026—thanks to hundreds of millions spent on upgraded screening, transaction monitoring, and wallet analysis.
The Binance Vs WSJ saga
The scuffle between Binance and Wall Street Journal (WSJ) began with the media house throwing a bombshell on the world’s largest crypto exchange. Their piece claimed that internal probes at Binance uncovered more than $1 billion in transactions tied to sanctioned Iranian groups, including links to terrorism financing.
Most of the funds included stablecoin USDT, which were moving via the Tron network. It added that at least five compliance investigators were let go after they flagged the activity to senior leaders, which included Teng, in late 2025.
Teng pushed back by pointing to the exchange’s “industry-leading compliance program,” linking to company materials that highlight sharp cuts in sanctioned exposure—down 97% since early 2024, according to Binance data.
The clash underscores ongoing pressure on major crypto platforms to block sanctioned jurisdictions amid heightened U.S. scrutiny. Neither the WSJ nor Binance immediately commented further on the legal demand. The episode risks fresh regulatory headaches for the world’s largest exchange just as it tries to rebuild trust post-settlement era.
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