Tensions are escalating between cryptocurrency exchange Binance and The Wall Street Journal. Binance Co-CEO Richard Teng stated that the recent article published in the newspaper was “defamatory” and announced that they had sent an official letter demanding the immediate correction and complete retraction of the false statements.
Richard Teng, in a social media post, claimed that news reports regarding Binance’s compliance program contained serious inaccuracies. Teng alleged that the company had communicated the necessary corrections to the journalist prior to the report, but received no response to this feedback. According to Teng, the published content contains statements that do not reflect the truth and damage the company’s reputation.
The Wall Street Journal claimed that Binance fired an employee who uncovered a $1 billion transfer with Iranian links.
Binance also stated in a written statement that the Wall Street Journal’s report was “misleading and distorted.” The company argued that the report was based on the claims of a disgruntled former employee and was written from a one-sided perspective. The statement also added that the reporter who prepared the report did not have a sufficient understanding of the general compliance check processes on cryptocurrency platforms.
Binance stated that in the cases cited in the news report, it followed procedures that exceeded industry standards, arguing that it effectively coordinated with law enforcement and made notifications to relevant regulatory bodies.
*This is not investment advice.
