Alleging that the report falsely accused Binance of retaliation -- among 10 other allegedly false claims -- Binance accused the Journal of conducting a "sham" investigation that intentionally disregarded the company's statements. That included supposedly failing to note that Binance had not closed its investigation into the unlawful transfers. Binance's role in the large-scale violation of US sanctions laws is currently being investigated by the Justice and Treasury Departments. Congress members also took notice, including Sen. Richard Blumenthal (D-Conn.), ranking member of the Senate Permanent Subcommittee on Investigations (PSI), who launched an additional inquiry. In a letter to Binance CEO Richard Teng, Blumenthal cited the Journal's report, as well as reporting from The New York Times and Fortune, while demanding that Binance explain how it managed to overlook the money-laundering for so long and why compliance staff members were fired.
In its complaint Wednesday, Binance claimed that these probes may "be just the tip of the iceberg" if the record is not corrected. The reputational harm is particularly damaging, the exchange noted, since Binance has allegedly worked hard to strengthen its compliance after reaching a settlement with the US government in 2023. In taking that plea deal, Binance admitted to violating anti-money laundering and sanctions laws and paid a $4.3 billion fine, and its founder, Changpeng Zhao, eventually pled guilty to a related charge. Since that scandal, Binance claimed that the WSJ has "made a business of maligning both the cryptocurrency industry generally and Binance specifically." That's why the Journal allegedly rushed to publish its story following a similar New York Times investigation. Alleging that the WSJ was financially motivated to publish a negative story that would get more clicks, Binance claimed the Journal provided little time to respond and then failed to make necessary corrections before and after publication.
Read more of this story at Slashdot.

