Binance Tied to $61M Iranian Oil Laundering Scheme
The US Justice Department has filed a civil forfeiture claim against Iran, seeking to seize $61 million in illicit oil proceeds that were laundered through the cryptocurrency exchange Binance.
The funds allegedly came from Iranian black-market oil sales and were laundered via two Chinese entities, Blessed Trust and Hexa Whale Trading, who used Binance trading accounts as part of a scheme to funnel money to Iran.
The two entities presented themselves as a wealth management firm and commodities broker, respectively, prosecutors said. They allegedly also used the US financial system to send and receive tens of millions of dollars.
Binance denied any wrongdoing, stating that it does not permit transactions with sanctioned individuals or entities. The exchange claimed to have cooperated with law enforcement on this matter and would investigate, restrict, or freeze accounts where necessary.