Binance Accused of Allowing $1.5 Billion in Crypto to Fund Iran's Military

The US Department of Justice has accused several companies of using Binance to funnel $1.5 billion in cryptocurrency to Iran to fund its military.

Federal prosecutors have filed a forfeiture complaint seeking to seize $61 million of cryptocurrency, which they claim is just a fraction of the total amount sent to the country via interrelated digital wallets.

The scheme allegedly involves two Hong Kong-based companies, Hexa Whale and Blessed Trust, which acted as intermediaries to sell black-market Iranian oil to Chinese buyers.

Binance's internal investigators found that these entities, along with others, had moved large sums of money through the exchange to fund Iran's Islamic Revolutionary Guard Corps.