Binance Challenges Wall Street Journal's Sanctions Report

Binance, one of the world's largest cryptocurrency exchanges, has taken issue with a recent investigation by the Wall Street Journal (WSJ). The WSJ report alleged that Binance failed to prevent sanctions violations, citing evidence of over $1 billion in crypto transactions linked to Iranian entities.

According to Binance, its compliance program is designed to detect and prevent suspicious activity. The exchange claims to have invested heavily in monitoring, sanctions screening, and financial crime detection, with more than 1,500 compliance-related personnel on staff.

The WSJ report alleged that internal investigators flagged the Iran-linked transactions, but were later dismissed after raising concerns about enforcement of sanctions controls. Binance denies these claims, stating that employees were terminated for breaches of confidentiality and data handling policies.