Binance Denies WSJ Claim It Processed $850 Million for Iran-Linked Networks

Overview

• The Wall Street Journal published a May 22 investigation saying roughly $850 million in crypto tied to Iran-linked networks flowed through Binance during 2024–2025.
• The report names Iranian financier Babak Zanjani and his firm Zedcex and says linked accounts showed shared device access and were flagged by Binance’s compliance systems.
• According to the reporting, Binance’s systems detected access from Tehran in late 2024 and internal investigators recommended closing the accounts, but those accounts remained active for about 15 months.
• Binance has called the story “fundamentally inaccurate,” denied permitting transactions with sanctioned people, and filed a defamation suit against the Wall Street Journal while saying it is cooperating with authorities.
• The development revives scrutiny under Binance’s 2023 guilty plea and $4.3 billion settlement, and follows Treasury meetings with Binance in March as monitors, the DOJ and Treasury review whether more oversight or enforcement is needed.