Binance Denies Iran Sanctions Violations, Plans Defamation Lawsuit

Binance, one of the world's leading cryptocurrency exchanges, is embroiled in a high-stakes controversy surrounding allegations of sanctions violations against Iran.

The Wall Street Journal recently published a report alleging that Binance processed transactions linked to Iran, violating US sanctions. The report also claimed that the exchange fired an internal investigator who discovered these transactions.

Binance Co-CEO Richard Teng has strongly denied these allegations, calling them 'entirely untrue.' In a detailed explanation on social media platform X, Teng stated that no employee was fired for reporting compliance concerns and that no funds flowed directly from Binance to a sanctioned entity. He cited intermediary wallets as the reason for this.

Binance asserts it follows a robust compliance program, including screening transactions against official sanctions lists and filing reports with authorities when potential violations are detected. The company claims to have blocked relevant accounts involved in flagged transactions and reported the matter to law enforcement agencies.