$61M Crypto Seizure Targets Iran-Linked Entities on Binance

The US Department of Justice (DOJ) is seeking to seize approximately $61 million in cryptocurrency allegedly linked to black-market sales of sanctioned Iranian oil. The case targets entities Blessed Trust and Hexa Whale, which allegedly used Binance accounts as part of a wider laundering network.

Binance CEO Richard Teng has responded to the allegations, stating that the civil case does not target Binance or accuse the exchange of wrongdoing.

The move raises concerns about Binance's compliance controls and adds to regulatory and market risk for crypto exchanges (CEXs) and decentralized finance (DeFi) adoption.