Binance sues Wall Street Journal over Iran sanctions evasion claims
Crypto exchange Binance has filed a defamation lawsuit against the Wall Street Journal over claims it helped Iran-linked entities bypass US sanctions. The move comes as three US senators announced plans to oversee a Justice Department probe into the same allegations.
The dispute centres on a report that federal prosecutors are examining around $1 billion in transfers allegedly tied to Binance and Iranian groups under sanctions.
The Wall Street Journal published findings that federal prosecutors were investigating whether Binance facilitated transactions for entities linked to Iran, despite US sanctions. The report claimed that around $1 billion in transfers were under scrutiny. Binance responded by suing the newspaper, arguing the story relied on unverified data and cherry-picked figures that harmed its reputation.
In 2023, Binance pleaded guilty to anti-money-laundering and sanctions violations, resulting in a $4.3 billion settlement. Now, Senators Elizabeth Warren, Chris Van Hollen, and Ruben Gallego have stepped in. They want the Justice Department to conduct a full investigation, ensuring no shortcuts or quiet shelving of the case.
The senators are pushing for answers on Binance's compliance with sanctions and how it handled internal warnings about potential violations. Their oversight could lead to subpoenas, depositions, and requests for records tied to Binance's monitorship, possibly involving former executives.
The lawsuit and congressional scrutiny add pressure on Binance as regulators and lawmakers examine its past actions. The outcome of the Justice Department's probe could have wider implications for crypto exchanges and sanctions enforcement. For now, the case remains under close watch by both investigators and policymakers.
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