Binance is facing renewed scrutiny after a new Wall Street Journal report alleged that Iran-linked networks moved large crypto flows through the exchange. According to the WSJ, a network tied to Iranian businessman Babak Zanjani processed about $850 million through Binance over two years, with some activity allegedly continuing after Binance’s 2023 guilty plea over AML and sanctions violations.

Binance pushed back strongly. CEO Richard Teng said the report was factually inaccurate and misrepresented the company’s compliance work. The exchange argues that it has significantly strengthened monitoring, sanctions controls and cooperation with law enforcement since its U.S. settlement.

The dispute is part of a broader clash between Binance and the WSJ over Iran-related reporting. In February, the Journal reported more than $1 billion in suspicious Iran-linked transfers through the platform. Binance later sued Dow Jones, the WSJ’s publisher, calling the reporting false and defamatory.

For the market, the key issue is regulatory risk. If U.S. authorities ultimately verify that Binance was used to bypass sanctions, the exchange could face renewed pressure despite its earlier settlement. For now, however, the claims remain allegations from media investigations and part of an ongoing legal dispute, not a final regulatory or court finding.