Binance Accused of Facilitating Iranian Oil Proceeds
US prosecutors have accused two Hong Kong-based companies of using Binance to move proceeds from Iranian oil sales, allegedly violating US sanctions. The case involves a network of cryptocurrency transactions that moved over $1.5 billion in funds through wallets linked to Iran.
The Justice Department alleges that Blessed Trust and Hexa Whale helped move proceeds associated with black-market sales of Iranian oil to buyers in China. These funds were then transferred to entities linked to Iran, supporting the country's government and military-related activities.
The department is seeking to seize approximately $61 million in cryptocurrency currently held through accounts overseen by Tether. The assets are connected to transactions that allegedly violated US sanctions and supported Iranian oil sales.