$61 Million in Allegedly Laundered Funds Targeted on Binance

The US Justice Department has filed a civil forfeiture claim against $61 million in cryptocurrency proceeds it alleges were laundered through Binance. The funds, generated from Iranian black-market oil sales, are said to be part of a larger scheme involving more than $1.5 billion in illicit oil money.

According to the US prosecutors, two Chinese entities used trading accounts on Binance to funnel the oil proceeds to Iran and its agents. This was allegedly done to finance military and terrorist activities.