Binance Tied to $61M in Illicit Iranian Oil Proceeds

The US Department of Justice has filed a civil forfeiture complaint seeking nearly $61 million in cryptocurrency linked to illegal sales of sanctioned Iranian crude oil and petroleum products. The funds were laundered through Binance accounts by two Chinese companies, Blessed Trust and Hexa Whale, which claimed to operate as a digital asset custodial services firm and commodities brokerage, respectively.

The DOJ says the money was meant to finance the Iranian government and its military, including the IRGC, a US-designated terrorist organization. The case is part of a larger operation that moved over $1.5 billion in illicit oil proceeds through a network of crypto addresses called 'Entity A.'

Deputy U.S. Attorney Sean Buckley said the action shows the government's intent to cut off Iran's access to illegal revenue, which has been used to support terrorism and weapons programs.