Binance Seeks Zero Tolerance as DOJ Targets Iran-LINKED Crypto Forfeiture
Binance Co-CEO Richard Teng declared 'zero tolerance' for sanctions violations after the US Justice Department sought forfeiture of approximately $61 million in cryptocurrency tied to black-market sales of sanctioned Iranian oil.
The funds are suspected to be proceeds from black-market sales of Iranian oil and petroleum products, intended to finance the Iranian government and its military components. Prosecutors said two Chinese companies, Blessed Trust and Hexa Whale, used Binance's trading accounts to launder these illegal proceeds.
Teng stated that Binance will always investigate, restrict or freeze accounts where sanctions or illicit-finance risk is identified, and will report to relevant authorities. He emphasized the exchange's commitment to cooperation with law enforcement on this matter.