$61M in Crypto Seized from Iranian Oil Proceeds Laundering

The US Department of Justice has filed to forfeit $61 million in cryptocurrency allegedly laundered through Binance accounts by Iran's government.

Prosecutors claim that Chinese entities used Binance accounts to funnel over $1.5 billion in oil proceeds to Iran, violating US sanctions.

This move comes after the US froze Iranian-linked crypto assets in July, mostly in Tether's stablecoin, and warnings from OFAC about bitcoin payments via the Strait of Hormuz.

Deputy U.S. Attorney Sean S. Buckley stated that the Iranian government relies on black-market sales of sanctioned crude oil to fund its military and foster terrorism.