DOJ Targets $61M in Crypto Proceeds from Iranian Oil Sales on Binance

The US Department of Justice (DOJ) has filed a civil forfeiture complaint against $61 million in cryptocurrency proceeds from the sale of Iranian oil, allegedly laundered through Binance.

This follows the launch of 'Operation Economic Outcast' by the U.S. Treasury to isolate Iran economically and target its cryptocurrency funds.

The DOJ alleges that two Chinese companies used trading accounts on Binance to launder proceeds from black-market sales of sanctioned Iranian oil, funneling these funds to the Iranian government and its proxies.

The complaint also claims that $61 million is just a part of over $1.5 billion in illicit oil money laundered through cryptocurrency actors in China and elsewhere.