Binance Denies Accusations Despite $61 Million Crypto Forfeiture Bid
Binance's co-CEO Richard Teng claims that the exchange is not accused in a recent US forfeiture case, despite prosecutors seeking $61 million in cryptocurrency linked to black market sales of sanctioned Iranian crude oil.
The Department of Justice (DOJ) alleges that two Chinese companies, Blessed Trust and Hexa Whale, used Binance trading accounts to launder the oil proceeds. The DOJ says a group of wallets they call Entity A moved more than $1.5 billion in Iranian oil money, with some funds reaching Iran's Islamic Revolutionary Guard Corps (IRGC), a military branch designated as a terrorist organization.
Teng stated that Binance has zero tolerance for sanctions violations and did not permit transactions with sanctioned individuals. He emphasized the exchange's cooperation with law enforcement since the matter was first raised months ago, adding that it freezes accounts where illicit finance risk is identified.