DOJ Seeks $61M in Iranian Oil Proceeds Laundered Through Binance Accounts

According to Bitcoin Magazine, the U.S. Department of Justice has filed to seize and forfeit $61 million in cryptocurrency alleged to originate from sanctioned Iranian black-market oil sales. Prosecutors stated in a civil forfeiture complaint that a cluster of self-custodied wallets received and distributed over $1.5 billion in oil proceeds, routing funds to Islamic Revolutionary Guard Corps-linked businesses and an Iranian exchange.

As reported by Bitcoin Magazine, two China-based firms, Blessed Trust and Hexa Whale, allegedly utilized trading accounts at Binance to launder proceeds and direct them to the Iranian government and its proxies. Deputy U.S. Attorney Sean S. Buckley stated that Iran relies on black-market oil sales to fund its military and nuclear program developments. The filing indicates that self-custodied wallets and crypto networks were used to manage the illicit funds.

Additionally, the U.S. Treasury's Office of Foreign Assets Control noted in July that Iran has bypassed sanctions by accepting digital assets like bitcoin for shipping payments through Hormuz Safe, developed by Iran’s Ministry of Economy.