US confiscates $61M in crypto linked to Iranian oil laundering via Binance

A roughly $61 million amount in cryptocurrency is being seized by US authorities, tied to a scheme accused of using Binance to launder proceeds from black-market Iranian oil sales.

According to a civil forfeiture complaint submitted yesterday, the sale of Iranian crude oil has brought in over $1.5 billion in unlawful cryptocurrency earnings, which support Iran's nuclear and military activities.

Consequently, the US aims to strip Iran of those earnings and reduce its influence.

The firms Blessed Trust and Hexa Whale, both Chinese, are said to have played a key role in moving and overseeing the disputed funds.

According to the complaint, the two entities utilized Binance to wash the money and channel it to Iran's government and associated intermediaries.

No accusations of misconduct are directed at Binance in the civil forfeiture filing.

Binance expressed displeasure over media stories linking it to Iran

In February of this year, the Wall Street Journal, Fortune, and the New York Times reported on the suspected connections between Iran and the two Chinese firms.

Come May, the WSJ indicated that funds tied to Iran were still being transferred via Binance as of 2026.

Additionally, the report drew attention to a prominent Iranian financier who transferred $850 million through Binance during 2024 and 2025.

Binance has consistently denied the accuracy of such stories. That same month, the exchange sued the WSJ and the Department of Justice initiated an inquiry into the exchange's transaction flows.

As a result of these articles, US senators have raised questions about whether Binance misled Congress and is evading anti-money laundering guidelines.