US Targets $61M in Crypto Linked to Alleged Iranian Oil Schemes

US authorities are cracking down on alleged Iranian oil schemes, targeting $61 million in cryptocurrency linked to black-market sales. The funds were allegedly laundered through Binance trading accounts by Chinese companies Blessed Trust and Hexa Whale.

The civil forfeiture complaint alleges that these companies converted Iranian oil payments into cryptocurrency, helping to route over $1.5 billion in illicit oil money intended for the Iranian military and terror-designated IRGC. This is separate from the approximately $61 million targeted for forfeiture.

Prosecutors claim that the companies presented themselves as legitimate wealth management or crypto custody businesses while engaging in these activities. The US government has expanded its authority to sanction participants in Iran's digital asset sector, following sanctions that prompted Tether to freeze over $131 million across four Tron wallets in July.