TLDR
- The U.S. DOJ filed a civil forfeiture complaint for $61 million in crypto tied to black-market Iranian oil sales
- Two Chinese companies, Blessed Trust and Hexa Whale, allegedly used Binance accounts to launder the funds
- The $61 million is part of a larger network that moved over $1.5 billion in illicit oil proceeds
- Funds were allegedly funneled to Iran’s government and the IRGC, a U.S.-designated terrorist organization
- The action follows the U.S. Treasury’s “Operation Economic Outcast” aimed at isolating Iran economically
The U.S. Department of Justice has filed a civil forfeiture complaint seeking nearly $61 million in cryptocurrency. The funds are linked to illegal sales of sanctioned Iranian crude oil and petroleum products.
JUST IN: DOJ says millions in Iranian oil proceeds laundered on Binance
— Kalshi Crypto (@Kalshi_Crypto) September 14, 2026
Prosecutors say the money was meant to finance the Iranian government and its military, including the Islamic Revolutionary Guard Corps, known as the IRGC. The IRGC is designated as a terrorist organization by the United States.
Two Chinese companies are at the center of the case. Blessed Trust and Hexa Whale allegedly used trading accounts on Binance to launder the funds and send them to Iran and its proxies.
Blessed Trust presented itself as a digital asset custodial services firm. Hexa Whale claimed to operate as a commodities brokerage. Both companies had Chinese oil and petroleum clients.
A Network Moving Over $1.5 Billion
The DOJ says the $61 million is just one piece of a much larger operation. Investigators identified a network of crypto addresses, called “Entity A,” that received and sent out more than $1.5 billion in illicit oil money.
Those funds were routed to IRGC-linked businesses, crypto addresses, and an Iranian crypto exchange. Blessed Trust and Hexa Whale are accused of facilitating most of those transfers.
Deputy U.S. Attorney Sean Buckley said the action shows the government’s intent to cut off Iran’s access to illegal revenue. He said those funds have been used to support terrorism and weapons programs.
Broader U.S. Pressure on Iran
This case fits into a wider U.S. effort to squeeze Iran’s finances. Last month, Treasury Secretary Scott Bessent announced plans for secondary sanctions targeting Iran’s revenue streams.
Those sanctions cover digital assets, technology, aviation, gold, and shipping. Officials described the move as an “economic D-Day.”
In June, the U.S. also sanctioned Iran’s largest crypto exchange, Nobitex. Authorities said it played a key role in sanctions evasion and financing tied to the IRGC.
The DOJ’s latest complaint comes weeks after the Treasury launched “Operation Economic Outcast,” a campaign to isolate Iran from the global economy.
Binance has not publicly responded to the latest allegations. The exchange previously denied similar claims reported by the Wall Street Journal and sued the paper’s parent company for defamation.
Binance Coin was trading at around $721 at the time of the complaint, up less than 1% on the day. The token had moved higher earlier after Bitcoin broke above $78,000.
Brent crude oil was trading well above $100 per barrel as U.S.-Iran tensions continued to push energy prices higher.
