Binance CEO Richard Teng Denies Wall Street Journal Report on Iran-Linked Crypto Transfers
Binance Chief Executive Officer Richard Teng has issued a strong rebuttal to a recent Wall Street Journal report alleging that the cryptocurrency exchange’s own investigators uncovered $1.7 billion in digital asset transfers to Iranian entities linked to terrorist groups. In a post on the social platform X on Tuesday, Teng characterized the publication’s Monday article as containing “defamatory claims” and “inaccurate reporting.”
The contentious Wall Street Journal article, written by reporters Patricia Kowsmann, Angus Berwick, and Ben Foldy, asserted that Binance executives terminated internal investigators who had reported the exchange facilitated approximately $1 billion in cryptocurrency to a “network funding Iran-backed terror groups.” A parallel report published by The New York Times on the same day made similar allegations, stating that the dismissed or suspended investigators had traced “$1.7 billion had flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions.”
Legal Threats and Media Responses
Teng directed followers to a letter sent by Binance’s legal counsel at Withers Bergman to Wall Street Journal Editor-in-Chief Emma Tucker. The letter, which Teng shared, demanded an immediate correction and full retraction of the story. “Your Article is false, seriously misleading to your readers, and defamatory of our client,” the letter stated, adding that Binance had already sought corrections directly from the publication. The lawyers called for the article’s removal pending these corrections, warning that further action might be necessary.
Binance’s legal team contends that the Journal reporters failed to accurately incorporate the exchange’s responses to their inquiries, suggesting the outlet operated with a “pre-set agenda.” The company pointed followers to a blog post published the prior Sunday detailing its global compliance and sanctions programs as the authoritative source on its policies.
This dispute follows a similar report by Fortune on February 13, which also alleged violations of Iranian sanctions and the firing of five employees involved in a related investigation. Binance and Teng previously dismissed those claims as “categorically false,” maintaining a consistent denial across multiple media outlets.
The core of the conflict revolves around the veracity of internal findings and the circumstances surrounding the dismissal of compliance staff. While the investigative reports rely on anonymous sources and former employee accounts, Binance frames the narrative as a coordinated media attack based on incomplete or misrepresented information. The exchange, which has historically faced significant regulatory scrutiny, emphasizes its robust, multi-layered sanctions compliance program that it asserts proactively blocks prohibited transactions.
Former CEO Changpeng Zhao Reemerges Following Pardon
The media controversy unfolds against the backdrop of former Binance CEO Changpeng Zhao’s (CZ) reentry into the public sphere. Last week, Zhao spoke at a crypto forum organized by World Liberty Financial, a company backed by U.S. President Donald Trump and his sons. According to event reports, Zhao announced that Binance.US—the separate American entity of the global exchange—aims to “do much more business in the US.”
This appearance marks a significant moment for Zhao, who stepped down as Binance CEO in late 2023 as part of a $4.3 billion settlement with U.S. authorities. He pleaded guilty to one count of failing to implement an effective anti-money laundering program and served a four-month prison sentence. In January, President Trump issued a full presidential pardon for Zhao, a move that has been interpreted as a major shift in the political landscape for crypto executives who have faced past legal challenges.
While Teng now leads the global Binance entity, Zhao’s pardon and his stated ambitions for Binance.US signal a potential renewed push into the American market under a more favorable regulatory outlook. The convergence of these two narratives—the fierce denial of sanctions violations and the strategic repositioning of its former leader—highlights the complex interplay between media, regulation, and politics in the cryptocurrency sector.
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