Binance Customers Accused of Facilitating Iranian Oil Money Laundering
A recent forfeiture complaint filed by federal prosecutors in Manhattan has revealed that Binance customers used the cryptocurrency exchange to funnel Iranian oil money. The complaint aims to seize $61 million of cryptocurrency related to Iran oil proceeds.
Prosecutors stated that around $1.5 billion was sent to Iran through a series of interrelated digital wallets. Several companies allegedly used Binance to relay payments for black-market Iranian oil from Chinese buyers, in violation of sanctions.
Binance spokesperson said the civil-forfeiture case isn't against the exchange and doesn't allege any wrongdoing by Binance. The company has taken compliance measures against two trading clients, Hexa Whale and Blessed Trust, which were removed from the exchange in August 2025 and January 2026 respectively.
Blessed Trust was a Binance business partner that provided payment services. Prosecutors said although Blessed Trust and Hexa Whale portrayed themselves as ordinary crypto-services and trading companies, they worked together to move money for Chinese companies in the petroleum sector.