Richard Teng, CEO of Binance, said on Feb. 24, 2026, that recent media coverage has misrepresented the company’s compliance program and accused The Wall Street Journal of publishing false and defamatory allegations without acknowledging Binance’s corrections.
The issue arose after The Wall Street Journal published a story headlined "Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities." According to a letter sent by Binance Holdings Limited through law firm Withers Bergman LLP, the article is described as "false," "seriously misleading," and "defamatory." The letter, dated Feb. 24, 2026, urges an immediate correction or retraction and asks the publication to remove the piece pending correction according to Teng's statement.
"Recently there has been inaccurate reporting about our compliance program... The Wall Street Journal published defamatory claims, and despite our efforts to set the record straight, the journalist failed to acknowledge any of our corrections on the allegations... We have sent the attached letter demanding immediate corrections and a full retraction of these false statements," Teng said according to his post on X.
Richard Teng, Co-CEO of Binance
| Instagram
According to its website, Binance says it has pursued "structural" compliance reforms over the past two years. These include expanded screening and transaction monitoring processes, investing "hundreds of millions of dollars" in compliance infrastructure, growing its compliance team, and strengthening governance independence and board oversight. Compliance is positioned as a core operating priority for the company according to Binance.
Binance reports that as of early 2026 it employs more than 1,500 people in compliance functions worldwide—about 25% of its global workforce—with 593 full-time employees in its Compliance business unit alone according to company data. Chief Compliance Officer Noah Perlman said that Binance operates with "robust systems" and "world-class investigative, sanctions, and financial-crime capabilities," continually tightening controls as risks evolve. Perlman also described Binance's compliance program as among the industry’s largest as reported by Globe Banner.
Founded in 2017, Binance describes itself as the world’s largest digital asset exchange by user base and trading activity. Its ecosystem includes spot and derivatives markets along with payment tools and custodial services. Security, education, and regulatory cooperation are emphasized as core pillars supporting its global community according to company information.
