The US Department of Justice says Chinese firms Blessed Trust and Hexa Whale used Binance accounts to launder over $1.5 billion in proceeds from black market sales of Iranian oil under sanctions. According to the DOJ, those funds were funneled to Iran's government and organizations tied to the IRGC, with the origins and beneficiaries obscured through a web of interconnected crypto wallets.

What the DOJ Says

Investigators describe the setup as a systematic laundering operation, moving Iranian oil profits through crypto infrastructure and a complex chain of addresses designed to hide where the assets came from and who ultimately received them.

Seizure Request

US authorities are seeking to seize $61 million in crypto they say is linked to the laundering scheme.

Binance's Role

Binance itself is not accused of participating in the scheme.