Binance Cleared of Wrongdoing in $61 Million Iranian Oil Case

Binance co CEO Richard Teng recently clarified that a new US forfeiture case involving $61 million in cryptocurrency does not target the exchange itself. The case centers on allegations that two Chinese firms, Blessed Trust and Hexa Whale, used Binance trading accounts to launder proceeds from sanctioned Iranian crude oil. Prosecutors claim these funds eventually reached the Islamic Revolutionary Guard Corps.

While the Department of Justice is moving to seize these assets, Binance is not listed as a defendant in the court filing. The exchange claims it has been working closely with law enforcement for several months to address these concerns. Teng stated that the platform has a strict policy against sanctions violations and works actively to freeze accounts linked to illicit activities.

This legal action highlights the ongoing pressure exchanges face regarding the movement of global capital. Binance previously settled major sanctions issues with the US in 2023 for $4.3 billion. For now, the outcome of this specific forfeiture case remains in the hands of the Southern District of New York, which will determine if the seized funds will be permanently forfeited.