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● TRACKER Updated 10d ago · 50 sources tracked

Two Chinese Firms Used Binance to Launder Iranian Oil Money, US Says

The US Department of Justice is investigating whether Binance breached its 2023 settlement agreement by facilitating the laundering of $61 million in Tether linked to sanctioned Iranian oil sales. This probe follows a civil forfeiture action by the Southern District of New York targeting those funds. The investigation centers on an Iranian sanctions evasion network that used Binance accounts to move cryptocurrency. If the DOJ finds a violation, the exchange faces potential renewed criminal prosecution and further financial penalties.

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  • ✓ The US Department of Justice is reviewing Binance's compliance with its 2023 settlement.
  • ✓ The Southern District of New York is pursuing a $61 million Tether forfeiture action linked to sanctioned Iranian oil sales.
  • ✓ Binance paid $4.3 billion to settle a US criminal case in 2023.
🛡️ Source Corroboration: 50 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

The SDNY initiated a $61 million Tether forfeiture action using blockchain tracing and stablecoin freezes.

Live updates

  1. US DOJ Reviews Binance Settlement After Iranian Oil Money Probe

    The US Department of Justice is investigating whether Binance breached its 2023 settlement agreement by facilitating the laundering of $61 million in Tether linked to sanctioned Iranian oil sales. This probe follows a civil forfeiture action by the Southern District of New York targeting those funds. The investigation centers on an Iranian sanctions evasion network that used Binance accounts to move cryptocurrency. If the DOJ finds a violation, the exchange faces potential renewed criminal prosecution and further financial penalties.

    Why it matters

    Binance pleaded guilty to US anti-money laundering charges in 2023 and paid a $4.3 billion settlement. The current investigation involves a broader US effort to disrupt oil trade evasion, which recently saw the Treasury target 17 entities and shadow fleet vessels.

    What is confirmed

    • The US Department of Justice is reviewing Binance's compliance with its 2023 settlement.
    • The Southern District of New York is pursuing a $61 million Tether forfeiture action linked to sanctioned Iranian oil sales.
    • Binance paid $4.3 billion to settle a US criminal case in 2023.

    Still unconfirmed

    • Two Mumbai firms and five Indian nationals were sanctioned over alleged Iran oil trade.
    • The US Treasury targeted 17 entities and shadow fleet vessels.

    What to watch next

    • DOJ decision on whether Binance breached the 2023 plea agreement
    • Court rulings regarding the $61 million Tether forfeiture action
    Sources used for this update (4)
    1. www.haynesboone.com — SDNY Forfeiture Action Targets $61 Million in Tether Linked ...
    2. www.gate.com — U.S. Justice Department Reviews Binance Compliance with 2023 ...
    3. coinradardaily.com — Binance and Binance.US: Who Runs Them, Safety and Fees
    4. www.thehindubusinessline.com — US sanctions two Mumbai firms and five Indians over Iran oil ...
    confidence 90%

  2. DOJ Reviews Binance Compliance Amid Iran Oil Money Probe

    The US Department of Justice is reviewing whether Binance violated the terms of its 2023 settlement following allegations that the exchange helped launder $61 million in cryptocurrency linked to Iranian oil sales. Federal prosecutors are investigating an Iranian sanctions evasion network that utilized Binance accounts. The probe could lead to renewed criminal prosecution and additional fines if the exchange is found to have breached its previous plea agreement. Binance previously paid $4.3 billion to settle a separate US criminal case in 2023.

    Why it matters

    Binance's 2023 settlement was a multi-billion dollar deal to resolve previous US criminal charges. The current investigation focuses on whether the platform's compliance failures persisted after that agreement. This case involves the movement of funds used to bypass international sanctions on Iranian oil.

    What is confirmed

    • The US Department of Justice is investigating $61 million in cryptocurrency linked to illicit Iranian oil sales laundered through Binance.
    • Binance paid $4.3 billion to settle a US criminal case in 2023.
    • Federal prosecutors are reviewing Binance's compliance with the terms of its 2023 settlement.

    Still unconfirmed

    • Tyson Duva, head of the DOJ Criminal Division, is overseeing the review of Binance's plea deal.

    What to watch next

    • DOJ decision on whether to pursue renewed criminal prosecution
    • Announcement of additional fines against Binance
    • Evidence linking specific Chinese firms to the $61 million in oil money
    Sources used for this update (16)
    1. www.newworldencyclopedia.org — 2 (number) - New World Encyclopedia
    2. globalinvestigationsreview.com — Region: China - Global Investigations Review
    3. incrypted.com — Sold an apartment for $900,000 and bought bitcoin: CZ’s story ...
    4. sanctions-finder.com — HK Intertrade - Sanctions Finder
    5. dictionary.cambridge.org — TWO | definition in the Cambridge English Dictionary
    6. coincentral.com — DOJ Reopens Binance Probe Over Alleged Iran Sanctions Breaches
    7. finance.yahoo.com — DOJ To Investigate Binance Again. Could More Fines Follow?
    8. coinalertnews.com — Binance Faces Renewed DOJ Scrutiny Over 2023 Settlement and ...
    9. www.crypto-news-flash.com — DOJ Reviews Binance’s $4.3B Deal Over Iran Sanctions Concerns
    10. www.straitstimes.com — US Justice Department scrutinises Binance compliance with ...
    11. www.metatrader.com — DOJ To Investigate Binance Again. Could More Fines Follow?
    12. dailyhodl.com — DOJ Reviewing Whether Binance Broke Its $4,300,000,000 Plea ...
    confidence 90%

  3. US Investigates Binance Over $61 Million Iranian Oil Money Laundering

    The US Department of Justice is investigating Binance for allegedly laundering $61 million in Iranian oil money via two Chinese firms. These funds reportedly supported the Iranian government and the Islamic Revolutionary Guard Corps. While the US has sanctioned smaller Chinese entities facilitating Iranian oil shipments, it has avoided the most severe measures to prevent global economic disruption. Binance denies these claims, citing a zero-tolerance sanctions policy. Former CEO Changpeng Zhao, who remains the majority shareholder, now lives in Abu Dhabi after serving four months in US prison and receiving a presidential pardon.

    Why it matters

    The National Iranian Oil Company and Iranian Oil Terminals Company are both subject to US sanctions. This investigation examines how cryptocurrency platforms may be used to bypass these restrictions. The case connects international trade, sanctions evasion, and the regulatory oversight of digital assets.

    What is confirmed

    • The National Iranian Oil Company is listed under Iranian Financial Sanctions Regulations, 31 CFR part 561.
    • The Iranian Oil Terminals Company is sanctioned under Executive Order 13902.
    • Changpeng Zhao served four months in US prison before receiving a presidential pardon.
    • Changpeng Zhao is the majority shareholder of Binance.

    Still unconfirmed

    • Two Chinese firms used Binance to move $61 million in Iranian oil money to support the Iranian government and the Islamic Revolutionary Guard Corps.
    • The US has sanctioned some smaller Chinese entities that facilitate Iranian oil shipments but avoided the most punishing measures to protect the global economy.
    • Changpeng Zhao currently resides in Abu Dhabi with royalty and the Trump family.

    What to watch next

    • Official DOJ charges or settlement terms regarding the $61 million laundering allegation.
    • Evidence of specific Chinese firms used to facilitate the Iranian oil trades.
    • Binance's formal legal response to the Department of Justice investigation.
    Sources used for this update (5)
    1. www.thedailystar.net — How a billion-dollar sanctions dodge kept Chinese goods ...
    2. www.techflowpost.com — Driving a Nissan SUV, a Leaking Ceiling, and Working From Bed at Lunch: A New York Times Feature on CZ
    3. coinedition.com — Inside CZ’s Binance Story: FTX, USD1 and Trump Ties - Coin Edition
    4. sanctions-finder.com — NATIONAL IRANIAN OIL COMPANY - Sanctions Finder
    5. sanctions-finder.com — IRANIAN OIL TERMINALS COMPANY | Sanctions Finder
    confidence 80%

  4. US Investigates Binance Over Iranian Oil Money Laundering

    The US Department of Justice is investigating Binance for allegedly laundering $61 million in Iranian oil money. Two Chinese firms reportedly used the platform to move these funds, which supported the Iranian government and the Islamic Revolutionary Guard Corps. While the US alleges Binance allowed Iran-linked cryptocurrency trades, the exchange maintains a zero-tolerance policy regarding sanctions.

    Why it matters

    This investigation focuses on the intersection of cryptocurrency and international sanctions evasion. The involvement of the Islamic Revolutionary Guard Corps indicates a potential national security concern for US authorities.

    Still unconfirmed

    • The US Department of Justice is investigating Binance for allowing Iran-linked trades and laundering $61 million in Iranian oil money.
    • Two Chinese firms used Binance to launder funds supporting the Iranian government and the Islamic Revolutionary Guard Corps.
    • Binance claims a zero-tolerance policy regarding sanctions.

    What to watch next

    • Formal charges or settlement agreements between the US Department of Justice and Binance
    • Identification of the two Chinese firms involved in the laundering scheme
    Sources used for this update (6)
    1. en.wikipedia.org — 2 - Wikipedia
    2. www.youtube.com — II (TWO) - Official Trailer #2 (2021) - YouTube
    3. simple.wikipedia.org — 2 (number) - Simple English Wikipedia, the free encyclopedia
    4. en.wiktionary.org — two - Wiktionary, the free dictionary
    5. dictionary.cambridge.org — TWO | English meaning - Cambridge Dictionary
    6. www.two.inc — About Two | #1 B2B Payments Platform
    confidence 50%

  5. US Probes Binance for Laundering $61M in Iranian Oil Money

    The US Department of Justice is investigating Binance for allegedly allowing Iran-linked cryptocurrency trades and laundering $61 million in Iranian oil money. Two Chinese firms used Binance to launder the funds, which supported the Iranian government and the Islamic Revolutionary Guard Corps. Binance claims a 'zero-tolerance policy' regarding sanctions.

    Why it matters

    The investigation into Binance is part of a broader effort to enforce US sanctions on Iran. The case highlights the challenges of regulating cryptocurrency transactions and the risks of sanctions evasion. Binance has faced regulatory scrutiny and fines in the past, including a $4.3 billion fine for violating US anti-money laundering rules.

    What is confirmed

    • Binance Holdings Ltd. is the world's largest crypto exchange in terms of daily trading volume of cryptocurrencies.
    • The US Department of Justice is investigating Binance for allegedly allowing Iran-linked cryptocurrency trades and laundering $61 million in Iranian oil money.
    • Two Chinese firms used Binance to launder the funds, which supported the Iranian government and the Islamic Revolutionary Guard Corps.
    • Binance paid a $4.3 billion fine for violating US anti-money laundering rules.
    • The US is seeking the civil forfeiture of about $61 million in cryptocurrency allegedly tied to a sanctions-evasion and money-laundering network involving the sale of Iranian crude oil and petroleum products.

    Still unconfirmed

    • Binance was in talks with the family of Donald Trump about business dealings.
    • Binance was quietly administering a trading platform for the Trump family's World Liberty Financial.
    • Binance paid lobbyists $800,000 to lobby for a pardon from Trump for Binance founder Changpeng Zhao.

    What to watch next

    • The outcome of the US Department of Justice investigation into Binance
    • The impact of the investigation on Binance's operations and reputation
    • Any potential additional regulatory actions against Binance
    Sources used for this update (4)
    1. www.gate.com — US DOJ Probes Binance Over Iran Sanctions Violations; $61M ...
    2. jen.jiji.com — Agricultural breakthrough: Tajikistan’s grain production surges with record harvest
    3. exportcompliancedaily.com — US Seeks Forfeiture of $61M in Cryptocurrency Linked to ...
    4. en.wikipedia.org — Binance - Wikipedia
    confidence 90%

  6. US investigates Binance for laundering Iranian oil money

    The US is investigating Binance for allegedly allowing Iran-linked cryptocurrency trades and laundering $61 million in Iranian oil money. Two Chinese firms used Binance to launder the funds, which supported the Iranian government and the Islamic Revolutionary Guard Corps. Binance claims a 'zero-tolerance policy' regarding sanctions, but federal authorities are questioning the effectiveness of its 2023 compliance updates.

    Why it matters

    This investigation runs parallel to a civil forfeiture action targeting the $61 million in cryptocurrency. Binance agreed to a $4.3 billion plea deal in 2023, but US scrutiny of alleged illicit trading continues. The probe examines Binance's compliance controls and the flow of $1.5B in crypto.

    What is confirmed

    • Binance faces a new federal Iran sanctions inquiry after its $4.3 billion 2023 settlement failed to end U.S. scrutiny of alleged illicit trading.
    • Federal prosecutors are investigating Binance for allegedly allowing Iran-linked money to move through its platform.
    • The funds in the forfeiture case allegedly supported the Iranian government and the Islamic Revolutionary Guard Corps.

    Still unconfirmed

    • Lawmakers raise concerns over Iran's use of USDT to bypass sanctions

    What to watch next

    • The outcome of the federal investigation into Binance's alleged Iran sanctions violations
    • The effectiveness of Binance's 2023 compliance updates
    • The impact on Binance's operations and reputation
    Sources used for this update (11)
    1. coinpedia.org — Short News
    2. chinaarticles.substack.com — Victor Hugo makes an appearance the State Dinner - Substack,Matt Turpin ,China Articles
    3. finance.yahoo.com — Top buyer of U.S. debt caught up in Iran sanctions case
    4. finance.yahoo.com — $4.3 Billion Later, Binance Faces Another Federal Probe Over ...
    5. www.blockhead.co — US Prosecutors Probe Binance Over Possible Iran Sanctions ...
    6. finance.yahoo.com — Binance Is Under Federal Investigation Over Iran Sanctions ...
    7. guavy.com — Binance Under Fire Again Over Iran Sanctions Probe | Guavy
    8. guavy.com — Federal Scrutiny of Binance Continues Over Alleged Iran ...
    9. politicalwire.com — Iran’s Secret Weapon Is Help From China - Political Wire
    10. jen.jiji.com — What did the year’s hottest couple wear to their wedding?
    11. tass.com — Russia’s deploying mechanism to recover illicit funds moved abroad — Prosecutor General
    confidence 85%

  7. US Prosecutors Probe Binance Over Iran Sanctions Compliance

    US prosecutors are investigating whether Binance violated sanctions by allowing Iran-linked cryptocurrency trades. The probe examines the exchange's compliance controls and the flow of $1.5B in crypto. This investigation runs parallel to a civil forfeiture action targeting $61 million in cryptocurrency linked to the black-market sale of Iranian oil. While Binance claims a "zero-tolerance policy" regarding sanctions, federal authorities are questioning if the company's 2023 compliance updates were effective. The funds in the forfeiture case allegedly supported the Iranian government and the Islamic Revolutionary Guard Corps.

    Why it matters

    The Islamic Revolutionary Guard Corps is a designated terrorist organization. These investigations test whether cryptocurrency exchanges can effectively block sanctioned states from accessing global financial systems. Binance previously implemented compliance fixes in 2023 to address regulatory failures.

    What is confirmed

    • US prosecutors are investigating Binance for potential Iran sanctions violations.
    • A parallel case seeks the forfeiture of $61 million in cryptocurrency linked to Iranian oil sales.

    Still unconfirmed

    • Authorities are questioning if Binance's 2023 compliance fixes held.

    What to watch next

    • Findings from the probe into Binance's compliance controls
    • Court rulings on the $61 million civil forfeiture complaint
    Sources used for this update (3)
    1. coinpedia.org — Binance in Trouble Again? U.S. Probes Possible Iran Sanctions Violations
    2. decrypt.co — US Probes Whether Binance 'Knowingly' Let Iran-Linked Trades Through: Report
    3. blockonomi.com — Federal Probe Targets Binance Over Potential Iran Sanctions Breach
    confidence 90%

  8. US Prosecutors Seek $61M Crypto Forfeiture Over Iranian Oil Sales

    Federal prosecutors in New York have filed a civil forfeiture complaint targeting approximately $61 million in cryptocurrency. The funds stem from black-market sales of sanctioned Iranian oil directed toward financing the Iranian government and military components, specifically the Islamic Revolutionary Guard Corps, which is designated as a terrorist organization. US authorities previously stated that Chinese companies utilized Binance accounts to move money from these petroleum transactions, though the exchange denies wrongdoing concerning the specific accounts involved.

    Why it matters

    This legal action targets financial networks used to bypass international sanctions on Iranian petroleum exports. The Department of Justice action highlights ongoing efforts by federal authorities to disrupt the flow of cryptocurrency tied to state-sponsored military operations and designated terrorist groups.

    What is confirmed

    • Federal prosecutors filed a civil forfeiture complaint seeking approximately $61 million in cryptocurrency generated by black-market sales of sanctioned Iranian oil.
    • The proceeds were intended to finance Iran's government and military components, including the Islamic Revolutionary Guard Corps.
    • US prosecutors previously attempted to seize $61 million in cryptocurrency used by Chinese companies to bypass sanctions on Iranian petroleum via Binance accounts.
    • Binance denies any wrongdoing regarding the specific transactions involved in the case.

    Still unconfirmed

    • The accounts involved may be part of a wider network that transferred more than $1.5 billion to the Iranian government and the Islamic Revolutionary Guard Corps.

    What to watch next

    • Resolution of the civil forfeiture complaint in the Southern District of New York.
    • Further disclosures regarding the wider network of accounts allegedly tied to the $1.5 billion transfers.
    • Responses from Binance regarding the forfeiture filing.
    Sources used for this update (2)
    1. dailyhodl.com — New York Prosecutors Seek $61,000,000 Crypto Forfeiture From Iranian Military Oil Sales
    2. seekingalpha.com — Weekly Commentary: Walked The Walk
    confidence 95%

  9. US Seeks Forfeiture of $61 Million in Crypto Linked to Iranian Oil

    US prosecutors are attempting to seize $61 million in cryptocurrency used by Chinese companies to bypass sanctions on Iranian petroleum. The Department of Justice claims these firms utilized Binance accounts to move money from oil sales. While the current legal target is $61 million, the accounts may be part of a wider network that transferred more than $1.5 billion to the Iranian government and the Islamic Revolutionary Guard Corps. Binance denies any wrongdoing regarding these specific transactions.

    Why it matters

    This action targets the intersection of digital assets and sanctioned energy markets. The US is attempting to disrupt financial pipelines that support the Islamic Revolutionary Guard Corps.

    What is confirmed

    • US prosecutors are seeking the forfeiture of $61 million in cryptocurrency linked to Iranian petroleum sales.
    • The Department of Justice alleges Chinese firms used Binance accounts to funnel these proceeds.
    • Binance has denied any wrongdoing regarding the transactions.

    Still unconfirmed

    • The accounts involved were part of a network that moved over $1.5 billion in illicit funds to support the Iranian government and the Islamic Revolutionary Guard Corps.

    What to watch next

    • Court rulings on the $61 million forfeiture request
    • Evidence of other cryptocurrency exchanges used in the network
    Sources used for this update (2)
    1. bitcoinfoundation.org — Iran Used Crypto to Move Sanctioned Oil Money: What the US Just Seized
    2. townhall.com — Feds Seek to Seize $61 Million in Crypto Tied to Iranian Oil Sanctions Evasion
    confidence 90%

  10. US Seeks $61 Million in Crypto from Iranian Oil Laundering Scheme

    US prosecutors are seeking the forfeiture of $61 million in cryptocurrency linked to the sale of Iranian petroleum to Chinese buyers. The Department of Justice alleges that Chinese firms used Binance accounts to funnel these proceeds. While the current seizure target is $61 million, some reports suggest these accounts were part of a larger network that moved over $1.5 billion in illicit funds to support the Iranian government and the Islamic Revolutionary Guard Corps. Binance has denied any wrongdoing regarding the transactions.

    Why it matters

    This case highlights the use of cryptocurrency exchanges to bypass international sanctions on Iranian oil. It demonstrates the intersection of black-market energy trades and digital asset laundering.

    What is confirmed

    • US prosecutors are seeking to seize $61 million in cryptocurrency tied to Iranian oil sales to Chinese buyers.
    • Chinese firms used Binance accounts to move proceeds from Iranian oil deals.
    • Binance denies wrongdoing regarding the case.

    Still unconfirmed

    • Chinese firms used Binance accounts to move over $1.5 billion in illicit proceeds.
    • The laundered funds were used to fund the Iranian government and the IRGC.

    What to watch next

    • Court ruling on the civil forfeiture complaint
    • Further DOJ disclosures regarding the total volume of the laundering network
    • Official response from the Chinese firms involved
    Sources used for this update (11)
    1. The New York Times — Two Chinese Firms Used Binance to Launder Iranian Oil Money, US Says
    2. Financial Times — US prosecutors say Chinese groups used Binance to launder $61mn from Iranian oil deals
    3. WSJ — DOJ Says Binance Customers Used Crypto Exchange to Funnel Iran Oil Money
    4. Bloomberg.com — DOJ Says Millions in Iran Oil Proceeds Laundered on Binance
    5. CNBC — U.S. seeks to seize $61 million of crypto it claims are proceeds from Iranian petroleum sales to Chinese buyers
    6. www.technologyreview.com — The Download: AI’s trillion-dollar gamble and OpenAI’s biology data bid
    7. pakobserver.net — Binance Accounts at Center of alleged $1.5 Billion Iranian Money-Laundering Network
    8. dailyhodl.com — U.S. Authorities Are Seeking Forfeiture of $61,000,000 in Cryptocurrency from Alleged Iranian Oil Smuggling
    9. coinedition.com — Binance CEO Denies Wrongdoing as DOJ Seeks $61M in Iran-Linked Crypto Case
    10. www.briefs.co — Al Gore says Iran war is fast-tracking clean energy in emerging markets
    11. www.briefs.co — Air Force Says U.S. Has An On-Orbit Weapon, Russia Warns Of "The Gravest Consequences"
    confidence 90%
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