Binance Denies Involvement in $61M Iran-Linked Crypto Case

Binance has responded to a recent US Department of Justice (DOJ) filing that seeks over $61 million in allegedly Iranian oil proceeds. The exchange's CEO, Richard Teng, stated that the filing alleges no wrongdoing by Binance and that prosecutors are instead targeting approximately $61 million in cryptocurrency.

The complaint names two Chinese companies, Blessed Trust and Hexa Whale, which allegedly used Binance trading accounts to launder Iranian oil proceeds and route money to Iran and its proxies. Prosecutors say these companies presented themselves as legitimate businesses but engaged in illicit activities, including converting fiat currency into cryptocurrency through US-based issuers.

Teng emphasized that Binance has a zero-tolerance policy for sanctions violations and illicit activity. He stated that when teams identify sanctions or illicit-finance risks, they investigate and restrict or freeze affected accounts, and may offboard users and report relevant cases to authorities.