US targets $61M in Iran-linked crypto tied to Binance accounts

In a recent turn of events, the U.S. government has attempted to forfeit and permanently take ownership of about $61 million worth of cryptocurrency generated from the illegal sale of Iranian oil.

U.S. government checkmates Iran’s malicious intent

According to the complaint filed by the U.S. Attorney’s Office for the Southern District of New York and the FBI officials, a network of companies and cryptocurrency addresses allegedly helped move money generated from black-market sales of Iranian crude oil and petroleum products.

Because Iran is under extensive U.S. sanctions, selling its oil through prohibited channels and moving the resulting proceeds through crypto networks has violated the U.S. sanctions and anti-money-laundering laws.

Iran moves millions in Iranian oil proceeds via Binance

In fact, the complaint clearly mentions that the money was ultimately intended to benefit the Iranian government and entities connected to Iran’s Islamic Revolutionary Guard Corps (IRGC). For those unaware, the IRGC has already been designated as a foreign terrorist organization by the United States.

Hence, taking immediate notice of the matter, FBI Assistant Director in Charge James C. Barnacle, Jr. expressed,

By cutting off funds raised by the black-market sale of crude oil, the Iranian military and terrorists are weakened. The FBI will not relent in its resolve to drain the funds from dangerous foreign actors.

According to prosecutors, a network of cryptocurrency addresses referred to as “Entity A” collectively received and distributed more than approximately $1.5 billion in proceeds.

In this process, two Chinese companies, Blessed Trust and Hexa Whale, used Binance [BNB] crypto exchange accounts to launder money from illegal Iranian oil sales. They then transferred the amount to Iran and its proxies to fund government-linked and terrorist activities.

Not a one-of-a-kind instance

This definitely had some impact on the price of BNB, as it was changing hands at $717.02 at press time after a drop of 1% in the past 24 hours.

Well, this isn’t the first time such a thing has happened.

As far back as April 2026, when the U.S.-Iran conflict was at its prime, Iran reportedly accepted Bitcoin payments for a proposed $1-per-barrel toll from ships passing through the Strait of Hormuz.

Final Summary

• A network of companies and cryptocurrency addresses allegedly helped move money.
• Addresses collectively received and distributed more than approximately $1.5 billion in proceeds.