Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Crypto’s biggest exchange fights back agains
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Crypto’s biggest exchange fights back agains
Crypto’s biggest exchange fights back against allegations of moving billions of Iran-linked money
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
Crypto’s biggest exchange fights back against allegations of moving billions of Iran-linked money
The Wall Street Journal, The New York Times and Fortune all reported that investigators had been let go after identifying sanctions-violating transactions.
By Olivier Acuna|Edited by Aoyon Ashraf, Nikhilesh De
Feb 24, 2026, 8:42 p.m.
Make us preferred on Google
Binance's Richard Teng accused WSJ of defamation. (Nikhilesh De/CoinDesk)
What to know:
- Binance accused The Wall Street Journal of publishing false and defamatory claims that it fired investigators who raised concerns about funds moving through the exchange to sanctioned, Iran-linked entities.
- The company says the staff in question resigned and were not punished for compliance complaints, asserting that an internal review found no violations of sanctions laws related to the cited transactions.
- Binance maintains that suspicious activity was detected and reported as evidence its controls are working, while promising a full report to the U.S. Justice Department and insisting its sanctions exposure is minimal.
Crypto exchange Binance accused The Wall Street Journal Tuesday of publishing "false information" in a Monday article about the exchange allegedly firing employees investigating funds moving through the exchange to sanctioned entities.
Richard Teng, Binance co-CEO, accused the WSJ of "inaccurate reporting about our compliance program” in an X post. He included a letter to the news organization from the crypto exchange’s counsel in New York City, which said “The Wall Street Journal published defamatory claims,” despite the exchange's attempts to “set the record straight.” The letter is similar to one Binance directed to Fortune last week over a similar article which said the exchange fired investigators who reported sanctions concerns.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
The Journal's article on Monday said the crypto exchanged fired staff investigators who identified $1 billion that moved to "a network funding Iran-backed terror groups.". The report claimed to have Binance documents and statements from people familiar with Binance operations, saying that the crypto exchange dismantled the staff investigation into the $1 billion..
Binance claims staff were disciplined
The Journal article includes a statement from a Binance spokeswoman saying the investigators resigned and denied they were fired or suspended for raising compliance concerns.
“Documents, foreign law-enforcement officials and the people familiar with Binance’s operations said the same conduct that broke the sanctions and anti-money-laundering laws has persisted at the exchange,” the Journal article said, referring to Binance's 2023 settlement with the U.S. Department of Justice and other authorities, in which the exchange and founder Changpeng "CZ" Zhao admitted to violating federal money laundering statutes..
The news report also mentions $1.7 billion more in 2024 and 2025 that were transferred from Binance-registered Chinese clients to Iran-backed groups, including Yemen’s Houthi militants. The New York Times’ article also published on Feb. 23 alleges the same information.
Both influential U.S. newspapers said the four individuals “fired” by Binance, who worked in compliance and market oversight roles, were dismissed after the crypto exchange concluded they had failed to adequately escalate red flags related to suspicious trading activity and potential policy violations.
A Binance spokesperson told CoinDesk the exchange conducted an “internal review and did not find evidence of violations of applicable sanctions laws or regulations related to the transactions described.”
However, the spokesperson, who stated no investigator was dismissed for raising compliance or potential sanctions issues, said suspicious activity was detected and reported, which is “evidence that our controls are working, not the opposite.”
Rachel Conlan, another spokesperson, told the Times, there is an ongoing investigation and that a full report will be sent to the U.S. Justice Department on Feb. 25.
Binance said in a blog post on Sunday that its "sanctions-related exposure is minimal."
"Recent reporting on our top-tier compliance is, at best, inaccurate. It presents a distorted, jumbled account that relies on false claims by disgruntled former employees. This incomplete and flawed viewpoint reflects a lack of understanding of general compliance control processes for crypto exchanges," the blog post, which was published prior to the Wall Street Journal's report.
BinanceSanctions
More For You
Crypto isn't losing to AI, its just 'capitalism doing its job,' says Dragonfly
Comparisons between AI’s explosive consumer adoption and crypto’s trajectory misunderstand the nature of the products, Dragonfly's Haseeb Qureshi told CoinDesk in an interview.
What to know:
- As artificial intelligence dominates venture funding and headlines alike, some in crypto have begun to wonder whether the industry has missed its “ChatGPT moment” — or worse, whether capital is permanently rotating away.
- Haseeb Qureshi, managing partner at crypto venture firm Dragonfly, rejects that framing outright.
- Comparisons between AI’s explosive consumer adoption and crypto’s trajectory misunderstand the nature of the products, he argued.
Read full story
Latest Crypto News
Crypto isn't losing to AI, its just 'capitalism doing its job,' says Dragonfly
Millions in crypto funded tools to exploit U.S. software, Treasury says in new sanctions
Fed proposes rule to deal with crypto debanking by scrapping 'reputation risk'
Prediction market firms could be making $10 billion in yearly revenue by 2030, Citizens Bank says
Bitcoin retakes $64,000, crypto miners rally, as AI-related software rout eases
Stripe's Bridge sees stablecoin volume quadruple as utility insulates from 'crypto winter'
Top Stories
Mark Zuckerberg's Meta is planning stablecoin comeback in the second half of this year
'If you’re not accumulating bitcoin at this stage, then when,' asks prominent analyst
Coinbase adds stock, ETF trading as it expands beyond crypto
Kraken rolls out crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks
Putting the treasury to work: The Ethereum Foundation just staked 70,000 ETH to fund its future
Adam Back's BSTR moving forward with public listing plans, hopes for April approval
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
STRC Stock Surge: How Much Bitcoin Can Saylor Buy?
Michael Saylor’s Strategy, linked to MSTR (EXCHANGE: MSTR), continues to funnel capital into Bitcoin (CRYPTO: BTC) via its STRC (EXCHANGE: STRC) stock program,
Share
Crypto Breaking News2026/03/08 01:49
Ethereum co-founder Jeffrey Wilcke sends $157M in ETH to Kraken after months of wallet silence
The post Ethereum co-founder Jeffrey Wilcke sends $157M in ETH to Kraken after months of wallet silence appeared on BitcoinEthereumNews.com. A wallet linked to
Share
BitcoinEthereumNews2026/03/08 01:51
Top Solana Treasury Firm Forward Industries Unveils $4 Billion Capital Raise To Buy More SOL ⋆ ZyCrypto
The post Top Solana Treasury Firm Forward Industries Unveils $4 Billion Capital Raise To Buy More SOL ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     Forward Industries, the largest publicly traded Solana treasury company, has filed a $4 billion at-the-market (ATM) equity offering program with the U.S. SEC to raise more capital for additional SOL accumulation. Forward Strategies Doubles Down On Solana Strategy In a Wednesday press release, Forward Industries revealed that the 4 billion ATM equity offering program will allow the company to issue and sell common stock via Cantor Fitzgerald under a sales agreement dated Sept. 16, 2025. Forward said proceeds will go toward “general corporate purposes,” including the pursuit of its Solana balance sheet and purchases of income-generating assets. The sales of the shares are covered by an automatic shelf registration statement filed with the US Securities and Exchange Commission that is already effective – meaning the shares will be tradable once they’re sold. An automatic shelf registration allows certain publicly listed companies to raise capital with flexibility swiftly. Kyle Samani, Forward’s chairman, astutely described the ATM offering as “a flexible and efficient mechanism” to raise and deploy capital for the company’s Solana strategy and bolster its balance sheet. Advertisement   Though the maximum amount is listed as $4 billion, the firm indicated that sales may or may not occur depending on existing market conditions. “The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani said. Forward Industries kicked off its Solana treasury strategy on Sept. 8. The Wednesday S-3 form follows Forward’s $1.65 billion private investment in public equity that closed last week, led by crypto heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital. The company started deploying that capital this week, announcing it snatched up 6.8 million SOL for approximately $1.58 billion at an average price of $232…
Share
BitcoinEthereumNews2025/09/18 03:42