$61M in Cryptocurrency Seized by US from Allegedly Laundered Iranian Oil Proceeds

US authorities are seeking to seize over $61 million in cryptocurrency that they claim was laundered through Binance on behalf of Iran's government. The funds allegedly originated from black-market oil sales and were used to finance military activities against the US and its allies.

The forfeiture claim, filed by Manhattan federal prosecutors, alleges that two Chinese entities, Blessed Trust Limited and Hexa Whale Trading, used trading accounts on Binance as part of a scheme to launder more than $1.5 billion in illicit oil money.

Prosecutors say the two entities 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 did not permit transactions with sanctioned individuals or entities. The company said it will continue to cooperate with law enforcement on this matter.