Binance Sues WSJ Over Iran-Linked Transfer Report

Binance sued the Wall Street Journal and Dow Jones on March 11 over a February 23 report that alleged the exchange had investigated ₱59.76 billion ($1 billion) in transfers linked to Iran-backed groups. The suit claims the Journal ignored corrections and published at least 11 false statements.

The legal action marks a shift for the exchange, which now serves 300 million users and holds ₱2.63 trillion ($44 billion) in customer Bitcoin wallets as of February. Binance previously sued Forbes in 2020 over a "Tai Chi" article but later dropped the case. Founder Changpeng Zhao personally sued Modern Media, Bloomberg Businessweek's Hong Kong partner, in 2022 over a "Ponzi scheme" headline.

The timing aligns with regulatory relief under the Trump administration. Trump pardoned CZ in October 2025, and the SEC dismissed its civil case against Binance with prejudice in May 2025. The agency said the move was appropriate "in the exercise of its discretion and as a policy matter," not because Binance was "fully vindicated" on the merits.

But legal pressure persists. A federal judge refused Binance's attempt to force certain customer-loss claims into arbitration in February. Senator Richard Blumenthal opened a preliminary inquiry the same month regarding alleged sanctions exposure related to Iran and Russia. On March 6, Binance and Zhao won dismissal of a lawsuit by victims of 64 attacks, though the court granted leave to amend.

Binance controlled 38.3% of spot volume market share in December, according to CoinGecko. MGX invested ₱119.52 billion ($2 billion) in Binance in a deal that reportedly involved USD1, a Trump-linked entity.