The U.S. Department of Justice filed a civil forfeiture complaint to seize $61 million. Prosecutors allege customers used the Binance exchange to launder over $1.5 billion from illicit Iranian oil sales.
The funds reportedly financed Iran’s military and the Islamic Revolutionary Guard Corps (IRGC), a U.S.-designated terrorist organization. China-based entities Blessed Trust and Hexa Whale allegedly utilized Binance trading accounts to execute the scheme.
While the DOJ did not accuse Binance of direct wrongdoing, the case increases scrutiny on the exchange's compliance protocols. Binance stated it maintains a zero-tolerance policy for illicit activity and has off-boarded the involved entities after cooperating with law enforcement.