Geopolitical tension is once again spilling into the crypto market, raising new compliance concerns for the industry. According to a report from the Wall Street Journal, Iranian financier Babak Zanjani allegedly used Binance as part of a covert payment network that moved about $850 million over two years. The report says the network was linked to regime-connected financing tied to Iran’s military.

Binance CEO Richard Teng responded quickly on X, saying the report was “fundamentally inaccurate.” He said the transactions happened before the people involved were sanctioned and added that Binance had already looked into the activity before the media reached out. A company spokesperson also said the article overstated…