$61 Million Seized by US Over Alleged Iranian Oil Laundering Through Binance

US authorities have filed a civil claim to seize $61 million in funds allegedly linked to Iranian oil sales routed through Binance. The money is part of a larger scheme involving two Chinese companies, Blessed Trust Limited and Hexa Whale Trading Limited, which prosecutors say laundered over $1.5 billion in oil revenue using cryptocurrency.

The alleged laundering operation worked by sending crypto from accounts holding oil proceeds to an Iranian exchange and to money transmitters that the US authorities claim are fronts for Iran's Islamic Revolutionary Guard Corps.

Binance has stated it does not allow transactions with sanctioned individuals, but did not accuse them of wrongdoing in this case. The company removed Hexa Whale and Blessed Trust from its platform prior to media reports earlier this year.