Binance Accounts Tied to $61M in Allegedly Laundered Iranian Oil Proceeds

The US Department of Justice is seeking to seize over $61 million in cryptocurrency linked to Binance accounts, alleging that two Chinese companies laundered proceeds from Iranian oil sales through these accounts.

The DOJ claims that Blessed Trust and Hexa Whale, presented as a wealth management firm and commodities broker respectively, used Binance trading accounts to move illicit funds. The complaint states that the wider cryptocurrency network handled over $1.5 billion in black-market oil proceeds.

Federal prosecutors allege that the funds are intended to benefit the Iranian military and the IRGC (Islamic Revolutionary Guard Corps), which is designated as a terrorist organization.