Crypto
$61M Seizure: US Targets Iranian Oil Proceeds Laundered Through Binance
The US Justice Department is seeking to seize $61 million in Iranian oil proceeds allegedly laundered through the cryptocurrency exchange Binance.
According to a civil forfeiture claim filed by federal prosecutors in Manhattan, Iran used cryptocurrency to launder more than $1.5 billion in illicit oil money.
Prosecutors allege that two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, used trading accounts on Binance as part of a scheme to funnel the oil proceeds to Iran, its agents, and proxies.
The funds were allegedly used to finance military and terrorist activities. The US Justice Department is seeking forfeiture of the $61 million in seized assets.