Binance CEO Richard Teng has challenged a Wall Street Journal report that alleged $1.7 billion in crypto flows linked to sanctioned Iranian entities. The exchange said the article contained false information and mischaracterized its compliance actions. In a statement dated February 23, 2026, Binance said it had sent a formal letter to the publication seeking corrections and a full retraction. The company stated that it had responded to detailed questions before publication, yet its responses were not reflected in the final article. Teng said recent coverage presented “a distorted, jumbled account” based on claims from former employees. Binance maintained that it followed established procedures and coordinated with authorities where required. Formal Complaint and Allegations of Defamation The dispute centers on an article titled “Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities.” The report alleged that the exchange breached Iranian sanctions and dismissed employees involved in related investigations. In its letter to the publication, Binance said the article falsely asserted illegal conduct and retaliation against staff. The company described the claims as defamatory and requested that the article be removed pending correction. Binance stated that a reporter had submitted 19 detailed points and additional questions before publication. The company said it provided prompt responses, but that the final article did not include its explanations, with the former CEO CZ also pushing away the allegations last week. The exchange also denied that any employees were terminated for raising compliance concerns. It said some staff departures followed internal reviews related to data protection and confidentiality rules. Binance Compliance Structure and Oversight Binance said its compliance program has expanded in recent years. The company reported investing hundreds of millions of dollars into compliance systems and personnel. As of early 2026, Binance said 593 full-time employees work within its Compliance unit. It added that 978 employees and contractors support compliance-related functions across other departments. In total, more than 1,500 individuals work in compliance roles, representing about 25% of its global workforce. The exchange stated that compliance investigations operate independently from commercial leadership. It said decisions are based on law and internal procedures. Binance also reported holding licenses, registrations, or authorizations in 20 jurisdictions. It noted that it secured authorization under the Financial Services Regulatory Authority framework in Abu Dhabi Global Market. Sanctions Controls and Exposure Data Binance said its sanctions-related exposure has declined in the past two years. According to company data based on independent industry analysis, exposure fell from 0.284% of total exchange volume in January 2024 to 0.009% in July 2025. The company described this as a 96.8% decrease. The exchange also addressed exposure to four major Iranian cryptocurrency exchanges. It reported that direct exposure fell from $4.19 million in January 2024 to $110,000 in January 2026, a reduction of more than 97%. Binance stated that public blockchains allow users to send funds to deposit addresses without prior approval. As a result, exchanges rely on monitoring and post-receipt controls to manage risk. The company said two entities referenced in recent reporting were subject to structured internal investigations. It stated that the users were not on sanctions lists at the time and did not trigger alerts from surveillance tools. Binance said it began investigating in mid-2025 after receiving information from law enforcement sources. The accounts were later offboarded, and information was shared with relevant authorities. Binance said its compliance process identified indirect exposure involving multi-hop transactions and acted to close the accounts. Concurrently, the exchange’s CEO Teng stated that Binance’s compliance framework “is effective, and it worked here.” However, as of now the crypto exchange continues to seek corrections to the published report.
