Commodities
US Seeks Forfeiture of $61M in Crypto Linked to Iranian Oil Sales
The US Department of Justice has filed a civil forfeiture complaint seeking $61 million in cryptocurrency allegedly used to finance Iran's black-market oil sales and the IRGC.
The funds were moved through a network of unhosted wallets, which prosecutors say function like stashing cash outside a bank, making it harder for authorities to freeze. The network allegedly transferred large sums directly to an Iranian crypto exchange and to wallets tied to the IRGC.
The DOJ named two Chinese companies, Blessed Trust and Hexa Whale, as coordinators that used Binance trading accounts to launder proceeds before routing funds back to Iran. Binance said it has zero tolerance for sanctions violations and will cooperate with law enforcement.