Binance Hit with $61 Million Forfeiture Claim Over Iranian Oil Money Laundering

The US Justice Department has filed a civil forfeiture claim seeking $61 million in Iranian oil money laundered through Binance, a cryptocurrency exchange.

Federal prosecutors in Manhattan alleged that Iran used cryptocurrency to launder more than $1.5 billion in illicit oil proceeds, with two Chinese entities using trading accounts on Binance as part of the scheme.

The money was allegedly funneled to Iran, its agents and proxies, who used it to finance military and terrorist activities, according to prosecutors.

Binance said it did not allow transactions with sanctioned individuals and would continue working with law enforcement to investigate and freeze accounts where risks were identified.