Binance Caught in $61 Million Iran Money Laundering Scandal

The US Justice Department has filed civil forfeiture complaints to seize over $61 million in allegedly laundered funds from Iran, which were processed through Binance.

Federal prosecutors claim that Iran built a network of China-based cryptocurrency entities to launder more than $1.5 billion in illicit oil money, some of which was used to finance the country's military and regional proxies.

Blessed Trust, an active business partner of Binance, allegedly moved over $1.2 billion through the exchange into a cluster of linked crypto addresses investigators call 'Entity A.'

The funds then continued onward to firms linked to Iran's Revolutionary Guard, other crypto wallets, and an Iran-based exchange.