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Binance sues The Wall Street Journal over allegedly false reporting that led to DOJ probe

Binance sues The Wall Street Journal over allegedly false reporting that led to DOJ probe

The complaint aims to correct misinformation, maintain stakeholder trust, and prevent misdirected regulatory scrutiny.

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by Vivian Nguyen

Binance is suing The Wall Street Journal over an article published on February 23, 2026, which the crypto exchange calls false and damaging to its reputation, according to a Wednesday blog post.

The lawsuit was revealed shortly after the Journal reported that the US Justice Department launched an investigation into Iran’s alleged use of Binance to evade sanctions and aid militant entities.

The probe follows investigative reports from both the Journal and The New York Times in February, claiming that Binance maintained about 2,000 accounts associated with Iran and processed close to $2 billion in transfers.

The outlets also alleged that partners Hexa Whale and Blessed Trust helped route transactions tied to Iranian state entities and militant groups, while employees who raised concerns internally were said to have been suspended or fired.

An earlier report from Fortune noted that Binance dismissed several senior compliance investigators who uncovered potential Iranian sanctions violations involving over $1 billion in transactions using Tether from March 2024 to August 2025.

The reports led Richard Blumenthal, a US senator from Connecticut, to begin investigating Binance. In a letter to Binance CEO Richard Teng, he requested documentation on the transactions, potential crypto-linked money laundering, and the termination of staff who flagged concerns internally.

Binance has repeatedly pushed back against those allegations. In its latest statement, the exchange said that the WSJ reporting led to unnecessary government investigations and undermined stakeholder trust.

The company noted that its large-scale compliance program, with more than 1,500 employees and advanced risk monitoring tools, has achieved measurable reductions in sanctions and illicit exposure.

“Binance identified the suspicious activity connected to Iran based on information from external law enforcement combined with a thorough investigation. Binance also cooperated with law enforcement and offboarded the accounts, consistent with applicable law and with maintaining a robust and healthy compliance function,” the exchange wrote in the filing.

Binance said it will continue strengthening oversight and correcting misinformation affecting its 300 million users worldwide.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
REGULATION

Binance sues The Wall Street Journal over allegedly false reporting that led to DOJ probe

Binance sues The Wall Street Journal over allegedly false reporting that led to DOJ probe

The complaint aims to correct misinformation, maintain stakeholder trust, and prevent misdirected regulatory scrutiny.

by Vivian Nguyen

Share

Add us on Google

Binance is suing The Wall Street Journal over an article published on February 23, 2026, which the crypto exchange calls false and damaging to its reputation, according to a Wednesday blog post.

The lawsuit was revealed shortly after the Journal reported that the US Justice Department launched an investigation into Iran’s alleged use of Binance to evade sanctions and aid militant entities.

The probe follows investigative reports from both the Journal and The New York Times in February, claiming that Binance maintained about 2,000 accounts associated with Iran and processed close to $2 billion in transfers.

The outlets also alleged that partners Hexa Whale and Blessed Trust helped route transactions tied to Iranian state entities and militant groups, while employees who raised concerns internally were said to have been suspended or fired.

An earlier report from Fortune noted that Binance dismissed several senior compliance investigators who uncovered potential Iranian sanctions violations involving over $1 billion in transactions using Tether from March 2024 to August 2025.

The reports led Richard Blumenthal, a US senator from Connecticut, to begin investigating Binance. In a letter to Binance CEO Richard Teng, he requested documentation on the transactions, potential crypto-linked money laundering, and the termination of staff who flagged concerns internally.

Binance has repeatedly pushed back against those allegations. In its latest statement, the exchange said that the WSJ reporting led to unnecessary government investigations and undermined stakeholder trust.

The company noted that its large-scale compliance program, with more than 1,500 employees and advanced risk monitoring tools, has achieved measurable reductions in sanctions and illicit exposure.

“Binance identified the suspicious activity connected to Iran based on information from external law enforcement combined with a thorough investigation. Binance also cooperated with law enforcement and offboarded the accounts, consistent with applicable law and with maintaining a robust and healthy compliance function,” the exchange wrote in the filing.

Binance said it will continue strengthening oversight and correcting misinformation affecting its 300 million users worldwide.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.