US moves to grab $61 million in crypto allegedly funneled to Iran through Binance

Federal prosecutors in New York filed a civil forfeiture action targeting roughly $61 million in cryptocurrency they say came from Iran’s black-market oil sales and was meant to bankroll the government and the IRGC. The funds were allegedly washed through Binance with help from two Chinese firms.

Blessed Trust and Hexa Whale posed as asset managers and commodity brokers while routing the oil proceeds through Binance accounts. Investigators claim the companies also converted fiat into crypto using U.S. issuers to further obscure the trail.

A cluster of linked wallets dubbed “Subject A” moved more than $1.5 billion tied to the scheme. Some of that money reportedly reached entities connected to the IRGC, which Washington lists as a terrorist organization.

Assistant U.S. Attorney Sean S. Buckley and FBI New York deputy chief James K. Barnacle Jr. said the case illustrates how crypto networks can be tracked to enforce sanctions and starve Iran’s military and proxy operations of cash.

Based on information from https://cryptonews.net