The U.S. Department of Justice has initiated a forfeiture process for $61 million in cryptocurrency assets. Authorities allege these funds originated from black-market oil sales conducted by the Iranian government.
According to the complaint, Iran utilized a network of Chinese entities to process these transactions. Prosecutors claim that over $1.5 billion in illicit oil proceeds were laundered through accounts on the Binance exchange.
The filing identifies Blessed Trust Limited and Hexa Whale Trading Limited as the Chinese companies involved in the money laundering scheme. The funds were reportedly directed to the Iranian military and the IRGC.
The U.S. government has been actively targeting Iran's use of digital assets to bypass sanctions. In July, the Treasury Department reported that Iran uses bitcoin for cross-border settlements and insurance services for shipping companies.
