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