The U.S. Department of Justice alleges that Iran is using cryptocurrency to launder money from oil sales through Binance.
The U.S. Department of Justice says Iran used cryptocurrency to launder more than $1.5 billion from illegal oil sales, with a portion of the money moved through accounts on Binance.
On September 15, 2026, at 7:27 AM, Bloomberg News reported that the U.S. Department of Justice (DOJ) is proceeding with its search for assets worth over $61 million, which prosecutors say were proceeds from the black market sale of Iranian oil and laundered through the cryptocurrency trading platform Binance. U.S. authorities allege that Iran used cryptocurrency to launder more than $1.5 billion from illegal oil trading.
Federal prosecutors in Manhattan filed a civil forfeiture request on Monday, alleging that two Chinese companies, Blessed Trust Limited and Hexa Whale Trading Limited, used Binance trading accounts as part of a network that channeled proceeds from oil sales to Iran, its agents, and related groups before being used to support military and terrorist activities.
Prosecutors identified Blessed Trust, which posed as a wealth management company, and Hexa Whale Trading, which presented itself as a commodity broker. Both companies are also accused of using the U.S. financial system to receive and transfer tens of millions of dollars as part of the network.
Sean Buckley, Deputy U.S. Attorney for Manhattan, stated that authorities are seizing and seeking to forfeit more than $61 million from the Iranian government. Failure to do so could allow these funds to be used to support hostile military operations and terrorist attacks against the United States and its allies.
However, prosecutors did not accuse Binance of wrongdoing, while Binance stated that it does not allow individuals subject to sanctions to transact on its platform and will continue to cooperate with law enforcement. If any risks related to sanctions or illegal financing are detected, the company will investigate, restrict or freeze accounts, terminate services to users, and report to the relevant authorities as appropriate.
This asset forfeiture request is the latest legal move by U.S. prosecutors regarding Iran, amid the ongoing conflict between the two countries. U.S. authorities allege that accounts holding funds from illegal oil sales were used to transfer cryptocurrencies to Iranian cryptocurrency trading platforms, as well as to money transfer services allegedly acting as fronts for the Islamic Revolutionary Guard Corps (IRGC).
Earlier in February, the New York Times and the Wall Street Journal reported on an internal investigation into Binance that found more than $1 billion moved through the platform to Iranian entities linked to terrorist groups. Following the reports, Binance stated that it was cooperating with law enforcement and affirmed the strength of its compliance systems. The company had terminated services to Hexa Whale and Blessed Trust prior to the release of the reports earlier this year.
Binance faced intense scrutiny from US authorities in 2566 after the DOJ prosecuted the company and its co-founders for violating anti-money laundering rules. Prosecutors at the time alleged that terrorist groups, individuals in sanctioned countries, and cybercriminals used the platform to move hundreds of millions of dollars.
The case ended with Binance paying a $4.3 billion fine to settle the investigation, while co-founder Changpeng Zhao pleaded guilty to violating banking laws and served a four-month prison sentence before President Donald Trump pardoned Zhao last year.
Reference: bloomberg.com
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