US Seizes $61M in Crypto Linked to Iranian Military

The U.S. Department of Justice has filed a civil forfeiture complaint against $61 million in cryptocurrency linked to Iran's military, specifically the Islamic Revolutionary Guard Corps (IRGC), which is designated as a terrorist organization by the U.S. government.

The funds are allegedly proceeds from black-market sales of crude oil and petroleum products, with some of them moving through a complex network of cryptocurrency wallets that totals over $1.5 billion. The Justice Department claims that Iran is increasingly using cryptocurrencies like Bitcoin (BTC) to evade economic sanctions and maintain its regime.

Binance, the privately held cryptocurrency exchange, has denied accusations that its accounts are being used to launder black-market oil proceeds. However, the U.S. government alleges that Chinese firms are helping to facilitate multi-million-dollar crypto transactions for Iran.