Binance has publicly disputed a Wall Street Journal report alleging that Iranian financier Babak Zanjani moved $850 million through its platform. CEO Richard Teng said the claims are inaccurate.
The controversy emerges amid heightened geopolitical tensions. The US has paused a $14 billion arms sale to Taiwan due to the Iran situation, and a Pakistani field marshal is traveling to Tehran to broker a US-Iran deal.
Binance has been strengthening compliance measures in recent years, seeking to distance itself from sanctioned entities. This dispute highlights the compliance challenges crypto exchanges face amid geopolitical conflicts.
If substantiated, it would be one of the largest sanctions evasion cases in the crypto industry. Binance’s denial suggests it believes the allegations lack sufficient evidence.