Binance Embroiled in $61M Iranian Oil Money Laundering Probe

The US Justice Department has filed a civil forfeiture claim seeking $61 million tied to Iranian oil money laundered through Binance, a cryptocurrency exchange. Federal prosecutors in Manhattan alleged that Iran used cryptocurrency to launder more than $1.5 billion in illicit oil proceeds.

Two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, used trading accounts on Binance as part of the scheme, funneling oil money to Iran, its agents, and proxies who used it to finance military and terrorist activities.

Prosecutors did not accuse Binance of any wrongdoing, saying they had not allowed transactions with sanctioned individuals and would continue working with law enforcement.