Commodities
Binance Accused of Facilitating Iranian Oil Laundering Scheme
The US Justice Department has filed a civil forfeiture claim against Binance, alleging that millions in Iranian oil proceeds were laundered through the cryptocurrency exchange.
According to the claim, Iran used a network of cryptocurrency actors in China to launder over $1.5 billion in illicit oil money.
Two Chinese entities allegedly used trading accounts on Binance as part of a scheme to funnel the oil proceeds to Iran and its agents, where it was used to finance military and terrorist activities.
The alleged laundering occurred through cryptocurrency transactions, with prosecutors seeking forfeiture of $61 million generated from Iranian black-market oil sales.