US Seeks $61m Crypto Forfeiture Tied to Iran's Black-Market Oil Sales

The U.S. Department of Justice has filed a civil forfeiture complaint to seize $61 million in cryptocurrency linked to Iran's black-market oil sales.

The funds are part of a larger $1.5 billion network that allegedly laundered money through accounts on the Binance crypto exchange, according to prosecutors.

The core operations involved two China-based front companies, Blessed Trust Limited and Hexa Whale Trading Limited, which used Binance trading accounts to convert and launder the illicit oil proceeds.

The money moved through unhosted crypto wallets and an Iranian crypto exchange before reaching its ultimate targets, including the Islamic Revolutionary Guard Corps (IRGC) and the IRGC Quds Force, both designated terrorist organizations by the US.