US Seeks Forfeiture of $61M in Iranian Oil Proceeds Laundered Through Binance

The US Justice Department has filed a civil forfeiture claim seeking to seize $61 million in Iranian oil proceeds that were laundered through Binance, a cryptocurrency exchange. The money allegedly came from black-market oil sales and was used to finance military and terrorist activities.

The two Chinese entities involved, Blessed Trust and Hexa Whale Trading, presented themselves as a wealth management firm and commodities broker, respectively. They allegedly used the US financial system to send and receive tens of millions of dollars as part of the scheme.

Binance has stated that it did not permit any transactions with people who were sanctioned and will continue to cooperate with law enforcement on this matter.