The world’s largest cryptocurrency exchange, Binance, has launched a defamation lawsuit against The Wall Street Journal and its parent company Dow Jones & Company, accusing the newspaper of publishing a report that seriously harmed the firm’s reputation.
Filed in federal court in New York City, the complaint centers on an article that claimed Binance halted an internal probe into a massive $1 billion transaction allegedly linked to Iran-backed militant groups. According to Binance, the story painted a misleading picture of the company’s actions and internal compliance efforts.
The exchange argues that the report wrongly suggested members of its compliance team were dismissed because of their involvement in the investigation. It also disputes the article’s claim that the company failed to respond adequately to the alleged transfer tied to Iranian-linked actors.
Binance says it asked the publication to correct the record, but that request was rejected. The lawsuit further claims the newspaper acted with reckless disregard for the truth, alleging the report was rushed out to beat a competing outlet — The New York Times — on the same story.
A spokesperson for the Journal maintained confidence in the reporting, saying the publication stands by the article.
According to the filing, the fallout from the story was immediate. Binance claims members of the U.S. Congress called for an inquiry into the exchange after the report circulated, amplifying reputational damage at a critical time for the company.
The exchange is seeking unspecified financial compensation, including punitive damages.
The legal fight unfolds against the backdrop of ongoing scrutiny of Binance’s operations. In late 2023, the company admitted to violating U.S. anti–money laundering laws, marking one of the most significant regulatory actions ever taken against a cryptocurrency platform.
