$1.5B In Iranian Oil Proceeds Were Laundered On Binance: US Feds

The U.S. Department of Justice said Monday that it had filed to forfeit $61 million in crypto generated from oil sales linked to Iran’s government. 

Iran used Chinese entities who, via accounts on crypto exchange Binance, funneled over $1.5 billion in oil proceeds to the Middle Eastern country, U.S. prosecutors allege. 

It comes after the U.S. tries to crack down on Iran’s use of the leading cryptocurrency: the U.S. in July said that it had frozen crypto linked to the Iranian regime, mostly in the form of Tether’s stablecoin; Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year.

There was no mention of bitcoin in…

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