Binance Co-CEO Denies Wrongdoing Amid DOJ's $61M Forfeiture Case
Richard Teng, co-CEO of Binance, stated that the exchange is not accused in a U.S. Department of Justice (DOJ) forfeiture case involving $61 million allegedly linked to Iranian oil money laundering. The DOJ alleges two Chinese companies used Binance accounts to launder funds from black market sales of sanctioned crude oil, with some proceeds reaching Iran's Islamic Revolutionary Guard Corps (IRGC), designated as a terrorist organization by the U.S. Binance is not named as a defendant in the civil forfeiture complaint and has cooperated with authorities since being alerted months ago. Teng emphasized Binance’s zero-tolerance policy for sanctions violations, noting that accounts flagged for illicit activity are frozen and handed over to law enforcement. The case will be decided by a judge in New York's Southern District.
Topics: Binance cryptocurrency money laundering sanctions violations