Feds Target $61M in Crypto Tied to Iranian Oil Sanctions Evasion

US authorities are cracking down on Iranian oil sanctions evasion, targeting $61 million in cryptocurrency allegedly used to finance terrorist activities. The funds were laundered through trading accounts at Binance, a UAE-based exchange, by two Chinese companies, Blessed Trust and Hexa Whale.

The complaint claims that these companies converted fiat currency into cryptocurrency using US-based issuers, allowing the illicit funds to be sent to the Government of Iran and its proxies. Deputy U.S. Attorney Sean S. Buckley stated that 'Today's action demonstrates our determination to deprive the Government of Iran and its terrorist proxies of the illegal money they rely on.'

Blessed Trust and Hexa Whale are accused of working with companies in China's petroleum sector, providing on-ramp services to convert illicit funds into cryptocurrency.