$61M in Iranian Crypto Profits Seized as Binance Faces Sanctions Allegations
The US Department of Justice has filed a civil forfeiture complaint to seize $61 million in cryptocurrency allegedly linked to Iranian black-market crude oil sales. Prosecutors claim that these digital assets were laundered through the Binance exchange, allowing Iran to evade international sanctions.
A sophisticated scheme involving two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, allegedly facilitated this illicit financial flow. These companies operated trading accounts on Binance, transferring massive sums of cryptocurrency to Iranian government-associated digital wallets.
The funds were reportedly used to finance hostile military actions and terrorist activities. An internal investigative team at Binance discovered the alleged sanctions violation and immediately reported it to executives, who removed both Hexa Whale and Blessed Trust from the platform prior to recent media investigations.