Binance Distances Itself From DOJ's $61M Iran-Linked Case

Binance CEO Richard Teng has responded to a US Department of Justice (DOJ) civil filing, which alleges that approximately $61 million in cryptocurrency was used by two Chinese companies to launder proceeds from sanctioned Iranian oil sales.

The complaint names Blessed Trust and Hexa Whale as the companies involved in using Binance accounts for illicit activities. Teng stated that Binance did not permit transactions involving sanctioned individuals and has a zero-tolerance policy for sanctions violations and illicit activity.

Binance has been cooperating with law enforcement on this matter since it was raised several months ago, according to Teng. He added that when teams identify sanctions or illicit-finance risks, they investigate and restrict or freeze affected accounts.