DOJ Seeks Forfeiture of $61M in Iranian Oil Proceeds Laundered Through Binance
Highlights
- The DOJ has filed a civil forfeiture complaint for $61 million in crypto.
- These funds are proceeds from the sale of sanctioned Iranian oil.
- The funds were allegedly laundered through the Binance crypto exchange.
The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint against $61 million in crypto proceeds from the sale of Iranian oil, allegedly laundered through the crypto exchange Binance. This follows the U.S. Treasury’s launch of ‘Operation Economic Outcast’ as part of the war against Iran.
DOJ Seeks Forfeiture Of Iranian Oil Proceeds Laundered Through Binance
In a press release, the DOJ announced the filing of the civil forfeiture complaint against nearly $61 million in crypto as the proceeds of black-market sales of sanctioned Iranian oil. The DOJ noted that these proceeds are intended to finance the Iranian government and its military components, including Iran’s Islamic Revolutionary Guard Corps (IRGC).
Notably, the complaint alleged that two Chinese companies used trading accounts on the top crypto exchange Binance to launder proceeds from the black-market sales. These companies funneled these funds to the Iranian government and its proxies.
The DOJ also alleged that the $61 million was just part of a larger sum of more than $1.5 billion in illicit oil money. “The Government of Iran used a network of cryptocurrency actors in China and elsewhere to launder more than $1.5 billion in illicit oil money intended to benefit the Iranian military and the terror-designated IRGC,” the release read.
This comes months after the WSJ reported that the DOJ was investigating Binance over allegations that Iran used the exchange to illegally move funds and evade sanctions. The exchange denied the allegations and sued WSJ’s parent company for defamation.
Meanwhile, the forfeiture complaint comes just weeks after the U.S. Treasury launched ‘Operation Economic Outcast’ to isolate Iran economically. Furthermore, the Treasury stated at the time that it would target Iran’s crypto funds as part of the operation.
BNB Token Unchanged Amid This Development
The Binance coin (BNB) remains largely unchanged amid the DOJ’s allegation of laundered funds through the crypto exchange. The token is currently trading at around $721, up less than 1% on the day, according to TradingView data.
BNB climbed earlier in the day as Bitcoin broke above $78,000, despite Iran rejecting President Trump’s claims that it was begging for a deal. The U.S.-Iran war continues to escalate and put pressure on energy prices, with Brent crude trading well above $100 per barrel.
Meanwhile, at the time of writing, Binance has yet to respond to allegations that the defendants in question laundered these funds through the crypto exchange.
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