US Seeks to Seize $61M in Crypto Tied to Iranian Oil Sales on Binance

The US Department of Justice has filed a civil forfeiture complaint against $61 million in cryptocurrency tied to Binance accounts and black market sales of Iranian oil. The funds moved through trading accounts held by Blessed Trust and Hexa Whale, two China-based firms, before reaching Iran's Islamic Revolutionary Guard Corps (IRGC), a US-designated terrorist organization.

Prosecutors allege that the entities used a network of wallets to move more than $1.5 billion in illicit Iranian oil proceeds, funneling money to IRGC-linked services and an Iranian exchange.

Binance previously claimed no funds directly touched Iranian entities, but Monday's complaint tells a different story.

This is not the first time Binance-linked accounts have surfaced in Iran-related sanctions reporting. In 2023, Binance pleaded guilty to sanctions violations and paid a $4.3 billion penalty.