The U.S. government is seeking to forfeit roughly $61 million in cryptocurrency tied to the illegal sale of Iranian oil, alleging the funds were laundered through Binance accounts held by two Chinese companies. Prosecutors say the money was ultimately meant to benefit Iran's government and entities linked to the Islamic Revolutionary Guard Corps.
US Attorney targets Iran's oil-crypto network
The U.S. Attorney's Office for the Southern District of New York filed a complaint seeking forfeiture of about $61 million in cryptocurrency generated from black-market sales of Iranian crude oil and petroleum products. FBI officials worked alongside prosecutors on the case.
Because Iran remains under extensive U.S. sanctions, selling its oil through prohibited channels and moving the resulting proceeds through crypto networks violates U.S. sanctions and anti-money-laundering laws. Prosecutors said the funds were ultimately intended to benefit the Iranian government and entities connected to Iran's Islamic Revolutionary Guard Corps (IRGC), which the U.S. has designated a foreign terrorist organization.
Chinese firms allegedly used Binance to move $1.5 billion
According to the complaint, a network of cryptocurrency addresses referred to as "Entity A" collectively received and distributed more than approximately $1.5 billion in proceeds. Two Chinese companies, Blessed Trust and Hexa Whale, allegedly used Binance exchange accounts to launder money from the illegal Iranian oil sales, then transferred the funds to Iran and its proxies.
BNB was changing hands at $717.02 at press time, after a drop of 1% in the past 24 hours.
Not the first sanctions-crypto case tied to Iran
This isn't the first time Iran has turned to crypto around sanctions pressure. As far back as April 2026, during the U.S.-Iran conflict, Iran reportedly accepted Bitcoin payments for a proposed $1-per-barrel toll on ships passing through the Strait of Hormuz.
Source: U.S. Attorney's Office SDNY
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