Commodities
Binance Accused of Facilitating Billions in Illicit Oil Sales
US authorities have accused Binance of being used to launder proceeds from black market Iranian oil sales. The allegations were made in a civil forfeiture complaint filed in the US district court for the Southern District of New York.
The complaint seeks to seize $61 million worth of Tether (USDT) that has been frozen since mid-2025 in seven interrelated crypto wallets. These wallets are allegedly linked to over $1.5 billion in illicit Iranian oil sales.
According to the complaint, two Hong Kong-based companies - Blessed Trust Ltd. and Hexa Whale Trading Ltd. - helped launder the proceeds by providing 'on-ramp' services that converted fiat currency into cryptoassets.