Crypto’s biggest exchange fights back against allegations of moving billions of Iran-linked money

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto’s biggest exchange fights back against allegations of moving billions of Iran-linked money The Wall Street Journal, The New York Times and Fortune all reported that investigators had been let go after identifying sanctions-violating transactions. By Olivier Acuna | Edited by Aoyon Ashraf , Nikhilesh De Feb 24, 2026, 8:42 p.m. Make us preferred on Google Binance's Richard Teng accused WSJ of defamation. (Nikhilesh De/CoinDesk) What to know : Binance accused The Wall Street Journal of publishing false and defamatory claims that it fired investigators who raised concerns about funds moving through the exchange to sanctioned, Iran-linked entities. The company says the staff in question resigned and were not punished for compliance complaints, asserting that an internal review found no violations of sanctions laws related to the cited transactions. Binance maintains that suspicious activity was detected and reported as evidence its controls are working, while promising a full report to the U.S. Justice Department and insisting its sanctions exposure is minimal. Crypto exchange Binance accused The Wall Street Journal Tuesday of publishing "false information" in a Monday article about the exchange allegedly firing employees investigating funds moving through the exchange to sanctioned entities. Richard Teng, Binance co-CEO, accused the WSJ of "inaccurate reporting about our compliance program” in an X post . He included a letter to the news organization from the crypto exchange’s counsel in New York City, which said “The Wall Street Journal published defamatory claims,” despite the exchange's attempts to “set the record straight.” The letter is similar to one Binance directed to Fortune last week over a similar article which said the exchange fired investigators who reported sanctions concerns. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The Journal's article on Monday said the crypto exchanged fired staff investigators who identified $1 billion that moved to "a network funding Iran-backed terror groups.". The report claimed to have Binance documents and statements from people familiar with Binance operations, saying that the crypto exchange dismantled the staff investigation into the $1 billion.. Binance claims staff were disciplined The Journal article includes a statement from a Binance spokeswoman saying the investigators resigned and denied they were fired or suspended for raising compliance concerns. “Documents, foreign law-enforcement officials and the people familiar with Binance’s operations said the same conduct that broke the sanctions and anti-money-laundering laws has persisted at the exchange,” the Journal article said, referring to Binance's 2023 settlement with the U.S. Department of Justice and other authorities, in which the exchange and founder Changpeng "CZ" Zhao admitted to violating federal money laundering statutes.. The news report also mentions $1.7 billion more in 2024 and 2025 that were transferred from Binance-registered Chinese clients to Iran-backed groups, including Yemen’s Houthi militants. The New York Times’ article also published on Feb. 23 alleges the same information. Both influential U.S. newspapers said the four individuals “fired” by Binance, who worked in compliance and market oversight roles, were dismissed after the crypto exchange concluded they had failed to adequately escalate red flags related to suspicious trading activity and potential policy violations. A Binance spokesperson told CoinDesk the exchange conducted an “internal review and did not find evidence of violations of applicable sanctions laws or regulations related to the transactions described.” However, the spokesperson, who stated no investigator was dismissed for raising compliance or potential sanctions issues, said suspicious activity was detected and reported, which is “evidence that our controls are working, not the opposite.” Rachel Conlan, another spokesperson, told the Times, there is an ongoing investigation and that a full report will be sent to the U.S. Justice Department on Feb. 25. Binance said in a blog post on Sunday that its "sanctions-related exposure is minimal." "Recent reporting on our top-tier compliance is, at best, inaccurate. It presents a distorted, jumbled account that relies on false claims by disgruntled former employees. This incomplete and flawed viewpoint reflects a lack of understanding of general compliance control processes for crypto exchanges," the blog post, which was published prior to the Wall Street Journal's report. Binance Sanctions More For You Stripe's Bridge sees stablecoin volume quadruple as utility insulates from 'crypto winter' By Krisztian Sandor | Edited by Sheldon Reback 3 hours ago The payments giant says Bridge, its stablecoin arm, saw its transaction volume sky-rocket through last year as stablecoin adoption is decoupling from crypto cycles. What to know : Stablecoin volume is decoupling from the crypto market cycles as real-world use expands, payments firm Stripe said in its annual letter. Bridge, the stablecoin platform acquired by Stripe, saw transaction volume more than quadruple in 2025, the letter said. Stablecoins, or digital versions of fiat money, are increasingly viewed as an alternative for cross-border payments with Facebook parent Meta said to be the latest to explore developing its own token. 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