U.S. Seeks $61 Million in Crypto Linked to Iranian Oil Sales, Binance Responds
The U.S. Department of Justice filed a civil forfeiture complaint on September 14 seeking approximately $61 million in cryptocurrency linked to black-market sales of Iranian crude oil. The funds are alleged to have supported the Iranian government and its military, including the Islamic Revolutionary Guard Corps (IRGC), which is designated as a terrorist organization by the U.S. The DOJ alleges that two Chinese companies used Binance trading accounts to launder proceeds from these sanctioned oil sales. A network of cryptocurrency addresses received over $1.5 billion in illicit Iranian oil funds and distributed them through IRGC-related businesses, crypto addresses, and an Iranian exchange. The FBI's New York Counterintelligence and Espionage Division is handling the investigation. Binance co-CEO Richard Teng denied any wrongdoing by the company and stated that Binance has zero tolerance for sanctions violations or illicit activity. He confirmed ongoing cooperation with law enforcement and said the firm will continue to investigate, restrict accounts, offboard users, and report suspicious activities.
Topics: cryptocurrency Iranian oil sales money laundering U.S. Department of Justice