Federal prosecutors in Manhattan filed a civil forfeiture complaint on September 14 to seize approximately $61 million in cryptocurrency. The funds are allegedly linked to money laundering from black-market Iranian oil sales, funneled through Binance accounts held by Hong Kong-based entities Blessed Trust and Hexa Whale Trading.
The transactions occurred between May and June 2025. Hexa Whale Trading processed roughly $490 million in volume, while Blessed Trust reached approximately $1.2 billion. Binance removed the Hexa Whale account in August 2025 and the Blessed Trust account in January 2026.
Prosecutors allege these transfers supported the Iranian government and the Islamic Revolutionary Guard Corps. The $61 million is part of a broader scheme that allegedly moved over $1.5 billion in illicit proceeds. Internal Binance analysis from 2026 reportedly identified up to $1.7 billion in transfers to Iran-linked wallets.
Binance is not a defendant in this civil forfeiture case. The exchange previously paid a $4.3 billion penalty in 2023 for anti-money laundering and sanctions violations, which led to the resignation of former CEO Changpeng Zhao. Lawmakers are now questioning the effectiveness of the compliance monitoring established during that settlement.
