Commodities
US Seeks to Forfeit $61 Million in Cryptocurrency Linked to Illicit Iranian Oil Sales
The US Department of Justice (DOJ) is seeking to forfeit more than $61 million in cryptocurrency allegedly linked to illicit Iranian oil sales laundered through Binance.
According to US prosecutors, two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, used trading accounts on Binance to funnel oil proceeds to Iran.
The alleged money laundering scheme involved the use of cryptocurrency to launder over $1.5 billion in illicit oil money intended to benefit the Iranian military and the IRGC, which is designated as a terrorist organization.
Binance has stated that it will cooperate with law enforcement on this matter and claimed that it did not permit any transactions with people who were sanctioned.