Binance CEO Distances Exchange from $61M Iran-Linked Case

Binance CEO Richard Teng has issued a statement regarding a US Department of Justice (DOJ) civil filing alleging $61 million in cryptocurrency tied to alleged Iranian oil proceeds. Teng asserts that the filing alleges no wrongdoing by Binance, stating that prosecutors targeted the funds rather than the exchange.

The complaint accuses two Chinese companies, Blessed Trust and Hexa Whale, of using Binance accounts to launder Iranian oil proceeds and route money to Iran and its proxies. However, Binance maintains it has a zero-tolerance policy for sanctions violations and illicit activity.

Teng notes that Binance has been cooperating with law enforcement since the matter was raised several months ago. He explains that when teams identify sanctions or illicit-finance risks, they investigate and restrict or freeze affected accounts. Binance may also offboard users and report relevant cases to authorities, according to Teng.