Richard Teng, CEO of Binance, said 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. Teng said Binance sent a legal letter demanding immediate corrections and a full retraction of the statements.
The dispute centers on how Binance’s compliance efforts have been portrayed in the press. According to Teng on X, “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.”
Binance’s letter to the Wall Street Journal, X
Binance says its share of total exchange volume tied to sanctions-related activity dropped from 0.284% in January 2024 to just 0.009% in July 2025—a decrease of 96.8%. The company attributes this reduction to stronger sanctions screening and monitoring controls according to its blog.Over the past two years, Binance says it has strengthened its compliance framework by expanding sanctions screening and transaction monitoring, investing “hundreds of millions of dollars” in compliance infrastructure, building one of the largest compliance teams in the digital-asset industry, and improving governance independence and board oversight according to a company statement.
Binance also notes it was the first crypto exchange to earn a global license under Abu Dhabi Global Market’s framework after approval from the Financial Services Regulatory Authority. Its structure includes three licensed entities—exchange, clearing/custody, and broker-dealer—designed to mirror traditional market setups as reported by Binance.
According to Monetary Brief, Chief Compliance Officer Noah Perlman said Binance is focused on “maintaining an industry-leading compliance posture,” “working constructively with regulators and law-enforcement partners worldwide,” and ensuring it “continues to operate with the highest standards of integrity and accountability.”
Founded in 2017, Binance has grown into what it describes as the world’s largest digital asset exchange by user base and trading activity. The platform operates an ecosystem that includes spot and derivatives markets, payment tools, custodial services, and Web3 infrastructure while emphasizing security, education, and regulatory cooperation as core pillars according to its official website.
