US Justice Department Seeks $61 Million in Iranian Oil Money Laundered Via Binance
The US Justice Department has filed a civil forfeiture claim seeking $61 million tied to Iranian oil money laundered through Binance, a cryptocurrency exchange. The funds were allegedly used to finance military and terrorist activities against the US and its allies.
Prosecutors in Manhattan alleged that Iran had used cryptocurrency to launder more than $1.5 billion in illicit oil proceeds. Two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, presented themselves as a wealth management firm and commodities broker respectively, and funneled oil money to Iran through Binance.
The Justice Department said the two entities had used the US financial system to send and receive tens of millions of dollars as part of the scheme. The claim was filed on Monday, with Manhattan Deputy US Attorney Sean Buckley stating that more than $61 million of the Government of Iran's money would be seized and forfeited.
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. The company had already off-boarded Hexa Whale and Blessed Trust before an internal investigation found more than $1 billion moved through the platform to Iranian entities linked to terrorist groups.