Binance CEO Richard Teng has threatened legal action following reports alleging the exchange processed up to $1.7 billion in Iran-linked crypto transfers. Teng called the articles “defamatory” and stated Binance’s legal team sent a correction request. The exchange denies any wrongdoing or that employees were terminated for raising compliance concerns.
Binance CEO Richard Teng has suggested the exchange may pursue legal action following reports by two major newspapers. The articles alleged internal auditors discovered substantial crypto transfers between Binance and Iran-linked entities.
The reports, released on Monday, claimed between $1 billion and $1.7 billion in digital assets moved to networks suspected of links to Iran. This would potentially violate global sanctions regimes.
Teng stated the articles contained “defamatory claims” in a public response. He said the company’s lawyers sent a letter to a newspaper editor requesting a correction and removal of the article.
The legal letter described the reporting as “false, seriously misleading to your readers, and defamatory of our client.” It warned Binance would consider further legal options if no action was taken.
Additional reporting alleged several investigators were fired or suspended after raising the issue internally. A separate article had previously claimed five employees were dismissed for raising sanctions concerns.
Binance has firmly rejected these claims, calling them “categorically false.” The company stated no staff were terminated for reporting potential violations.
The exchange asserts an internal review conducted with external legal counsel found no evidence of wrongdoing regarding the mentioned transactions. This review specifically addressed the allegations of sanctions breaches.
