$61 Million in Iranian Oil Proceeds Sought from Binance

The US Justice Department is seeking to seize over $61 million in Iranian oil proceeds that were allegedly laundered through the cryptocurrency exchange Binance. The funds were generated from black-market oil sales and used to finance military and terrorist activities, according to prosecutors.

Two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, are accused of using trading accounts on Binance as part of a scheme to funnel the illicit oil money to Iran, its agents, and proxies. The two companies presented themselves as a wealth management firm and commodities broker respectively, but allegedly used the US financial system to send and receive tens of millions of dollars as part of the scheme.

Binance has denied any wrongdoing, stating that it doesn't permit transactions with sanctioned individuals or entities. The company said it will continue to cooperate with law enforcement on this matter and investigate any suspicious activity.

The forfeiture claim is the latest legal move by US prosecutors involving Iran in recent months as fighting between the countries continues. In February, Binance was accused of facilitating over $1 billion in transactions to Iranian entities linked to terrorist groups.