US Targets $61M in Iran-Linked Crypto Tied to Binance Accounts
The US government has filed a complaint to seize approximately $61 million in cryptocurrency linked to Binance accounts, allegedly generated from the sale of Iranian oil. The funds were intended to benefit the Iranian government and entities connected to Iran's Islamic Revolutionary Guard Corps (IRGC), which is designated as a foreign terrorist organization by the US.
The network of companies and cryptocurrency addresses, referred to as 'Entity A', collectively received and distributed over $1.5 billion in proceeds from black-market sales of Iranian crude oil and petroleum products. Two Chinese companies, Blessed Trust and Hexa Whale, used Binance accounts to launder money from these illicit transactions.
The US government is taking action under the sanctions against Iran, which prohibit the sale of its oil through prohibited channels and the movement of resulting proceeds through crypto networks. The FBI Assistant Director in Charge, James C. Barnacle, Jr., stated that by cutting off funds raised by the black-market sale of crude oil, 'the Iranian military and terrorists are weakened.'