Binance co-CEO Richard Teng clarified that the exchange is not a defendant in the recent US civil forfeiture case involving Iranian oil funds. Prosecutors in Manhattan are seeking to seize approximately $61 million in cryptocurrency, which they claim originated from the illicit sale of sanctioned Iranian crude oil.
The Department of Justice alleges that two Chinese entities, Blessed Trust and Hexa Whale, utilized Binance trading accounts to launder proceeds. According to the filing, an entity group moved over $1.5 billion in oil-related funds, with some capital reaching the Islamic Revolutionary Guard Corps, an organization designated as terrorist by the US.
Teng stated that Binance maintains a zero-tolerance policy regarding sanctions and has cooperated with law enforcement since the investigation began. The exchange claims it actively freezes accounts identified as high-risk for illicit finance. The court in the Southern District of New York will determine if the assets are subject to forfeiture.
This development follows a significant legal settlement in 2023, during which Binance pleaded guilty to US sanctions violations and paid a penalty of $4.3 billion. Teng previously rejected allegations concerning Iranian money laundering, labeling them as defamatory.
