US Targets $61 Million in Crypto Linked to Sanctioned Iranian Oil

The US Department of Justice has filed a civil forfeiture complaint to seize approximately $61 million in cryptocurrency allegedly generated from the illicit sale of sanctioned Iranian oil and petroleum products.

According to prosecutors, two Chinese companies, Blessed Trust and Hexa Whale, used trading accounts on Binance to direct these proceeds to the Iranian government and affiliated entities.

The filing alleges that Blessed Trust presented itself as a digital asset custody firm while providing fiat-to-crypto conversions for Iran-linked transactions, while Hexa Whale offered similar services as a commodity brokerage firm.

Prosecutors claim that customers of both companies included Chinese oil and petroleum product companies.