Federal prosecutors in Manhattan filed a civil forfeiture complaint on September 14 seeking to seize approximately $61 million in cryptocurrency linked to alleged money laundering involving proceeds from black-market Iranian oil sales. The funds were reportedly funneled through Binance trading accounts operated by two Hong Kong-based entities: Blessed Trust and Hexa Whale Trading.
Prosecutors allege the entities facilitated fund transfers that ultimately supported the Iranian government, including entities linked to the Islamic Revolutionary Guard Corps, which carries a US designation as a terrorist organization.
Scope of Allegations
According to the complaint, the $61 million represents a portion of a larger alleged scheme that funneled over $1.5 billion in illicit oil proceeds through various digital wallets, with the oil directed toward Chinese buyers.
The transactions occurred between May and June 2025. Hexa Whale Trading processed roughly $490 million in trading volume through its Binance accounts, while Blessed Trust's volume reached approximately $1.2 billion. Both accounts have since been removed from the platform—Hexa Whale was offboarded in August 2025 and Blessed Trust in January 2026.
Status of Investigation
The civil forfeiture targets the assets rather than the exchange operator. Binance is not named as a defendant in the complaint. Company representatives stated the exchange remains committed to sanctions compliance and is cooperating with law enforcement.
Binance's Compliance History
The action follows Binance's guilty plea in 2023, which resulted in a $4.3 billion penalty for anti-money laundering failures and sanctions violations. Former CEO Changpeng Zhao stepped down as part of that resolution and served a prison sentence.
Internal compliance findings from earlier in 2026 identified significant transfers, reportedly as high as $1.7 billion, flowing to wallets associated with Iran—substantially higher than the amount targeted in the current forfeiture. Congressional inquiries have also intensified regarding how an exchange operating under a compliance monitor could serve as a conduit for sanctions evasion at this scale.
