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 allegedly tied to black-market sales of Iranian crude oil. The funds are said to have supported the Iranian government and its military, including the designated terrorist organization Islamic Revolutionary Guard Corps (IRGC). According to the DOJ, two Chinese companies used Binance accounts to launder proceeds from these illicit transactions. Binance co-CEO Richard Teng denied any wrongdoing by the exchange in a public statement on X. He emphasized that Binance has zero tolerance for sanctions violations and is cooperating with law enforcement. The company said it will continue investigating suspicious activity, freezing or restricting accounts as needed, and reporting to authorities where appropriate. The case highlights ongoing regulatory scrutiny of cryptocurrency exchanges and their role in facilitating illicit financial flows.
