Binance Accounts Targeted in $61M Crypto Seizure Linked to Sanctioned Iranian Oil
US authorities have moved to seize $61 million in cryptocurrency allegedly linked to unsanctioned Iranian oil sales. The funds, tied to Binance accounts, are described as revenue from black-market crude and petroleum deals.
The civil forfeiture complaint, filed by the US Attorney's Office for the Southern District of New York (SDNY), targets two China-linked firms: Blessed Trust Limited and Hexa Whale Trading Limited. Prosecutors say these companies used trading accounts on Binance to convert and move money generated from illicit oil sales.
Blessed Trust portrayed itself as a digital asset custody or wealth management business, while Hexa Whale presented itself as a commodities broker. However, the government alleges that both firms worked with Chinese oil buyers and offered conversion services that turned conventional payments into cryptocurrency.
The complaint claims that these balances were then forwarded to Iranian agents, proxies, money-service businesses, and an Iranian exchange. The total amount of illicit funds is estimated at over $1.5 billion, with some transfers reaching intermediaries linked to the Islamic Revolutionary Guard Corps (IRGC).