$61 Million in Allegedly Laundered Iranian Oil Proceeds Targeted by US Justice
The US Department of Justice has initiated forfeiture proceedings against $61 million in Iranian oil proceeds allegedly laundered through Binance. The funds are believed to have been transferred from Iran's illicit oil sales, with over $1.5 billion laundered through a China-based cryptocurrency network.
Prosecutors claim that two China-based companies used Binance trading accounts and the US financial system to move funds to the Iranian government and related organizations. These companies allegedly posed as an asset management firm and commodities brokerage, but were actually involved in money laundering activities.
The Manhattan US Attorney's Office filed a civil forfeiture complaint on September 14, alleging that the laundered funds could have been used for hostile military operations and terrorist attacks targeting the US and its allies. Binance was not accused of participating in the money laundering scheme.