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Binance Distances Itself from $61M Iran-Linked Crypto Case

Guavy AI Editorial Team
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The US Department of Justice (DOJ) has filed a complaint seeking over $61 million in cryptocurrency tied to alleged Iranian oil proceeds. Binance CEO Richard Teng has issued a statement distancing his exchange from the case, stating that no wrongdoing by Binance is alleged.

Teng emphasized that Binance does not permit transactions involving sanctioned individuals and has zero tolerance for sanctions violations and illicit activity.

The complaint alleges that two Chinese companies, Blessed Trust and Hexa Whale, used Binance accounts to launder Iranian oil proceeds. The companies allegedly provided on-ramp services converting fiat into cryptocurrency through US-based issuers.

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