US Seeks $61M in Crypto Funds from Binance Over Alleged Iranian Oil Money Laundering
The US Justice Department is seeking to seize $61 million in cryptocurrency funds that it alleges were generated from Iranian black-market oil sales and laundered through Binance.
The government claims that two Chinese entities, Blessed Trust Limited and Hexa Whale Trading, used trading accounts on Binance as part of a scheme to funnel the oil proceeds to Iran, its agents, and proxies where they were used to finance military and terrorist activities.
Blessed Trust presented itself as a wealth management firm, while Hexa Whale was described as a commodities broker. Prosecutors alleged that both entities also used the US financial system to send and receive tens of millions of dollars as part of the scheme.
The forfeiture claim is the latest legal manoeuvre by US prosecutors involving Iran in recent months as fighting between the countries continues.