US Seeks Over $61 Million in Crypto Tied to Iranian Oil Sanctions Evasion
The US government has filed a civil forfeiture complaint seeking over $61 million in cryptocurrency that allegedly represents proceeds from the illicit sale of Iranian crude oil and petroleum products.
Prosecutors claim Iran used a network of cryptocurrency intermediaries in China and elsewhere to launder more than $1.5 billion generated from black-market oil sales, with the money ultimately intended for the Iranian government, military, and Islamic Revolutionary Guard Corps.
The US Attorney's Office for the Southern District of New York alleges that two Chinese companies, Blessed Trust and Hexa Whale, used trading accounts at Binance to move and launder proceeds before funneling them to Iran.
Binance denied permitting transactions with sanctioned individuals and stated it has a zero-tolerance policy for sanctions violations and illicit activity.