Binance Denies Involvement in Sanctioned Iranian Oil Money Laundering Case
Binance's co-CEO Richard Teng says the exchange is not accused in a US forfeiture case involving $61 million in cryptocurrency allegedly linked to black market sales of sanctioned Iranian crude oil.
The Department of Justice (DOJ) brought the case on Monday, seeking the seized funds that they claim were laundered through trading accounts at Binance by two Chinese companies: Blessed Trust and Hexa Whale.
Teng stated that Binance has 'zero tolerance for sanctions violations' and did not permit transactions with sanctioned individuals. He added that the exchange cooperated with law enforcement since the matter was first raised months ago, freezing accounts where illicit finance risk is identified.
The case sits in the Southern District of New York, where a judge will decide whether the funds can be forfeited. Binance pleaded guilty to US sanctions violations in 2023 and paid a $4.3 billion penalty.