Binance is once again sparring with the Wall Street Journal over allegations that the exchange facilitated hundreds of millions of dollars in transactions tied to Iran. This time, the reported figure is $850 million, allegedly routed through a single Binance account linked to Iranian financier Babak Zanjani over a roughly two-year period.

CEO Richard Teng fired back on the same day the report dropped, calling the Journal’s characterization riddled with “fundamental inaccuracies.” His core argument: the transactions in question occurred before any formal sanctions were imposed on the parties involved.

The latest chapter in a months-long feud

The Journal published earlier reports in February 2026 alleging even larger Iran-linked transaction volumes, in the range of $1 billion to $1.7 billion. Those pieces triggered a cascade of consequences that Binance is still navigating.

In March 2026, Binance filed a defamation lawsuit against the Wall Street Journal. The February reports also caught the attention of federal authorities. The US Department of Justice opened an investigation into potential sanctions evasion related to Binance. Senator Richard Blumenthal launched separate Senate inquiries between February and April 2026, probing Binance’s compliance practices and operations.

What Binance is actually saying

Teng’s rebuttal centers on two key points. First, he maintains that the transactions predated any sanctions designations on the individuals involved. Second, Binance says it has a “zero tolerance” policy for transactions involving sanctioned parties. The exchange has not confirmed any direct Iranian accounts on its platform, instead pointing to the involvement of intermediaries.

Teng also emphasized Binance’s proactive cooperation with regulatory authorities and its commitment to compliance investigations. The exchange has pointed to the inherent complexities of blockchain tracing, arguing that on-chain analysis can lead to misattributions of digital asset flows.

Why this matters beyond Binance

The Zanjani connection adds a particularly uncomfortable dimension. Babak Zanjani was previously convicted in Iran on corruption charges and has long been associated with networks accused of circumventing international sanctions on Iranian oil revenues. The WSJ report also suggested that a portion of these funds may have been linked to Iranian military organizations. Binance has denied that any such connection exists in the way the Journal characterizes it.

What investors should watch

For BNB holders, BNB’s value is directly tied to the health and reputation of a single company. Binance has survived existential-looking crises before. The exchange paid a $4.3 billion settlement with US authorities in 2023 and saw founder Changpeng Zhao serve a prison sentence.

The defamation lawsuit against the WSJ is worth monitoring closely. The DOJ investigation is the real wildcard. A second major enforcement action within a few years would test whether Binance’s compliance overhaul, implemented after the 2023 settlement, actually produced meaningful change.