- US seeks forfeiture of $61 million in cryptocurrency tied to Iranian oil black-market sales
- Scheme allegedly generated over $1.5 billion in illicit crypto proceeds via Binance
- Chinese firms Blessed Trust and Hexa Whale central to laundering funds to Iran
- Binance faces DOJ probe and Senate scrutiny despite not being named in the complaint
The US is seizing $61 million in cryptocurrency linked to a scheme that allegedly laundered funds through Binance to facilitate the black-market sale of Iranian oil. A civil forfeiture complaint filed by the US Attorney’s Office claims the sales generated over $1.5 billion in illicit crypto proceeds that help Iran fund its nuclear program and military.
Two Chinese companies, Blessed Trust and Hexa Whale, were allegedly central to transferring and managing the funds. They reportedly used Binance to launder proceeds and distribute them to Iran’s government and linked proxies, though the forfeiture complaint does not target Binance with alleged wrongdoing.
However, the exchange has faced intense scrutiny since the Wall Street Journal, Fortune, and the New York Times revealed the alleged Iran links in February. In May, the Wall Street Journal reported that Iran-linked funds were still moving through Binance in 2026, including $850 million in transactions tied to a major Iranian financier during 2024 and 2025.
Consequently, Binance has called these reports inaccurate and filed a lawsuit against the Wall Street Journal in the same month the Department of Justice launched a probe into the transfers. Meanwhile, US senators have questioned whether Binance lied before Congress and whether it is avoiding money laundering recommendations.
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