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Commodities

US Seeks to Confiscate $53 Million in Cryptocurrencies Linked to Iran Oil Sales

Guavy AI Editorial Team
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The U.S. government has filed a civil lawsuit to seize and confiscate over $53 million in cryptocurrencies linked to the sale of Iranian oil by two Chinese intermediaries, Blessed Trust and Hexa Whale.

The companies allegedly used trading accounts on Binance, based in the UAE, to launder profits from the 'illegal' sale of oil from Iran, which would have been directed to support terrorist activities of the Islamic Republic, including those carried out by the Iranian Revolutionary Guard.

The U.S. authorities estimate that up to $1.5 billion from the marketing of Iranian crude oil has been laundered through cryptocurrency schemes, with the Chinese companies playing a key role.

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