US Seizes $61M in Crypto Profits Tied to Black-Market Oil Sales
The United States Department of Justice has launched a civil forfeiture complaint to seize $61 million in cryptocurrency allegedly laundered through the Binance exchange. Prosecutors claim this digital asset stems from black-market Iranian crude oil sales to Chinese buyers.
The scheme, which involved two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, reportedly used Binance to transfer massive sums of money to digital wallets associated with the Iranian government and the Islamic Revolutionary Guard Corps.
According to federal prosecutors in Manhattan, Iran has laundered more than $1.5 billion in illicit oil revenue using cryptocurrency. Authorities state that this money financed hostile military actions and various terrorist activities.
Binance spokesperson claims the exchange strictly blocks sanctioned individuals and actively cooperates with global law enforcement agencies. Binance had removed both Hexa Whale and Blessed Trust from its platform prior to recent media investigations regarding the issue.