DOJ Targets $61M in Illicit Crypto Funds on Binance

The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint against nearly $61 million in cryptocurrency proceeds from the sale of Iranian oil, allegedly laundered through Binance.

According to the DOJ, two Chinese companies used trading accounts on Binance to funnel funds to the Iranian government and its proxies. The alleged laundering occurred as part of black-market sales of sanctioned Iranian oil.

The complaint is a result of 'Operation Economic Outcast,' launched by the U.S. Treasury to isolate Iran economically. The operation aims to target Iran's cryptocurrency funds, which are estimated to be over $1.5 billion in illicit oil money.