US Moves to Forfeit $61M in Crypto Allegedly Linked to Iranian Oil Sales

What happened: The U.S. Attorney’s Office for the Southern District of New York filed a civil forfeiture complaint for approximately $61 million in crypto, alleging two Chinese companies—Blessed Trust and Hexa Whale—used Binance accounts to launder proceeds from Iranian oil sales. The broader network reportedly moved over $1.5 billion in illicit funds to entities tied to Iran’s military and sanctioned exchanges. Binance was not named as a defendant, and CEO Richard Teng publicly denied any wrongdoing by the exchange.

Why it matters: The case highlights the persistent use of crypto rails for sanctions evasion and the challenges exchanges face in policing illicit activity. While Binance distances itself from the alleged laundering, the episode underscores regulatory scrutiny on global crypto platforms and the complexities of compliance in cross-border finance. The outcome could set precedents for future enforcement actions targeting intermediaries and service providers.

Source: Decrypt