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WSJ Report Ties Binance to Iran Military Payment Network
WSJ alleges Binance was hub for secret payment network by Iranian magnate Babak Zanjani to finance military. Regulatory risk and exchange scrutiny intensify.
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The Wall Street Journal published an investigation alleging that Binance was used as the hub of a secret payment network organized by Iranian magnate Babak Zanjani to finance Iran's military forces. Zanjani is a blacklisted figure under US sanctions. The report directly ties the world's largest crypto exchange to evasion of sanctions that fund military activity.
This is not the first time WSJ has scrutinized Binance over Iran connections. A previous investigation claimed Binance processed $850 million in transactions linked to Iran. Binance CEO Richard Teng rebutted those claims on timeline grounds, arguing the transactions predated certain compliance upgrades. The new Zanjani allegation layers on additional exposure: a named, sanctioned individual and a clear military end-use.
Why the Zanjani Allegation Raises Exchange Risk
Regulatory risk for Binance increases materially when a report names a specific sanctions target. The allegation suggests Binance's compliance filters did not catch or block flows tied to Zanjani. The US Treasury's OFAC has pursued exchanges for sanctions violations, and Binance is already operating under a deferred prosecution agreement with the DOJ. A new sanctions case would compound existing legal pressure.