Binance Denies Involvement in $61 Million Iranian Crypto Laundering Scheme

The US Department of Justice has filed a civil forfeiture complaint against two Chinese companies, Blessed Trust and Hexa Whale, for allegedly laundering $61 million in crypto linked to Iranian oil sales.

The funds are part of a larger network estimated at $1.5 billion by New York prosecutors, who claim the Iranian regime used crypto actors in China and elsewhere to launder money.

Blessed Trust and Hexa Whale allegedly served as fronts to convert cash into crypto for clients linked to Iran, using accounts on Binance to transit the funds.

Binance CEO Richard Teng denied any involvement by his company, stating that it was not targeted in the lawsuit and alleging no fault on its part. He also pointed out that Binance had already been under enhanced monitoring since 2023 due to previous money laundering allegations.