US Seeks to Forfeit $61 Million in Cryptocurrency Linked to Iranian Oil Money Laundering

The US Department of Justice (DOJ) is moving to forfeit over $61 million in cryptocurrency allegedly linked to illicit Iranian oil sales laundered through Binance. Prosecutors claim that two Chinese entities, Blessed Trust Limited and Hexa Whale Trading Limited, used trading accounts on Binance to funnel oil revenue to Iran, its agents, and proxies.

The alleged money laundering scheme involved the use of cryptocurrency to launder over $1.5 billion in illicit oil money intended to benefit the Iranian military and the terror-designated IRGC. The US government is seizing and seeking to forfeit more than $61 million of this money.

Binance has stated that it will cooperate with law enforcement on this matter, and its compliance program is robust. However, a group of internal investigators at Binance made several discoveries last year, including the fact that people in Iran had gained access to over 1,500 accounts on the platform over the previous year.