$61 Million in Iranian Oil Proceeds Targeted in Binance-Linked Forfeiture Action

The US Department of Justice has initiated forfeiture proceedings against $61 million in Iranian oil proceeds allegedly laundered through Binance. The Manhattan US Attorney's Office filed a civil forfeiture complaint, alleging Iran used a China-based cryptocurrency network to launder over $1.5 billion in illicit oil-sale proceeds.

Prosecutors claim two China-based companies utilized Binance trading accounts and the US financial system to transfer funds to the Iranian government and affiliated organizations. These transactions allegedly supported military and terrorist activities targeting the US and its allies.

Binance is not accused of participating in the money laundering, despite being used as a conduit for these illicit transfers.