Binance Releases Letter Demanding Wall Street Journal Retract Defamatory Claims
Binance is accusing The Wall Street Journal (WSJ) of publishing false and defamatory claims regarding its compliance program, specifically concerning allegations of facilitating the movement of $1 billion to sanctioned Iranian entities.
According to a social media post by Binance Co-CEO Richard Teng, the company has sent a formal letter to the WSJ demanding immediate corrections and a full retraction of the article in question. Teng stated that Binance attempted to correct inaccuracies prior to publication, but the journalist allegedly failed to acknowledge these corrections.
The letter, addressed to Emma Tucker, Editor-in-Chief of The Wall Street Journal, and Jason P. Conti, Executive Vice President and General Counsel, specifically cites an article titled “Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities” by Patricia Knowsmann, Angus Bewick, and Ben Foldy.
Binance alleges that the article falsely asserts that the company engaged in illegal conduct by breaching Iranian sanctions, shutting down investigations into this alleged conduct, and firing employees in retaliation for participating in the investigation to suppress the disclosure of wrongdoing.
The letter claims that while the WSJ solicited Binance’s position with a detailed list of questions, the published article failed to reflect Binance’s responses, violating ethical obligations to remain fair, accurate, and impartial. Binance suggests the WSJ had a pre-set agenda, resulting in irresponsible journalism.
Despite these allegations, Binance maintains that it has a robust and constantly evolving compliance program. According to the company, it has invested hundreds of millions of U.S. dollars in its compliance infrastructure and has built one of the largest compliance teams in the digital-asset industry. As of early 2026, Binance has over 1,500 individuals dedicated to compliance functions, representing approximately 25% of its global headcount. These teams are specialized in areas such as sanctions, counter-terrorist financing, and financial crimes investigations.
Furthermore, Binance emphasizes its commitment to collaborating with law enforcement agencies worldwide. In 2025 alone, Binance’s teams supported authorities in confiscating more than $131 million in funds linked to illicit activity and processed over 71,000 law-enforcement requests. They also delivered more than 160 training sessions to strengthen law enforcement’s capacity to tackle crypto-related threats.
Binance asserts that its compliance investigations are handled independently and are not subject to interference from shareholders or executive leadership, ensuring that decisions are based on law and established procedures.
