The U.S. government is moving to forfeit approximately $61 million in cryptocurrency derived from illegal Iranian oil sales, according to a complaint filed by the U.S. Attorney’s Office for the Southern District of New York and the FBI. A network of companies and crypto addresses allegedly helped move proceeds from black-market sales of Iranian crude oil, violating U.S. sanctions and anti-money-laundering laws. The funds were intended for the Iranian government and entities linked to Iran’s Islamic Revolutionary Guard Corps, which the U.S. has designated as a foreign terrorist organization. Two Chinese companies, Blessed Trust and Hexa Whale, used Binance accounts to launder the money.
Federal prosecutors and FBI officials have filed a complaint seeking the forfeiture of about $61 million in cryptocurrency from black-market sales of Iranian crude oil. A network of companies and cryptocurrency addresses allegedly helped move the illegal proceeds through crypto networks.
Because Iran is under extensive U.S. sanctions, selling oil through prohibited channels and moving the resulting funds violates U.S. sanctions and anti-money-laundering laws. The complaint states the money was ultimately intended to benefit the Iranian government and entities connected to Iran’s Islamic Revolutionary Guard Corps (IRGC), which the U.S. has designated as a foreign terrorist organization.
FBI Assistant Director in Charge James C. Barnacle, Jr. said, “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 addresses referred to as “Entity A” collectively received and distributed more than $1.5 billion in proceeds. Two Chinese companies, Blessed Trust and Hexa Whale, used Binance crypto exchange accounts to launder money from illegal Iranian oil sales.
The money was then transferred to Iran and its proxies to fund government-linked and terrorist activities. At press time, BNB was trading at $717.02 after a 1% drop in the past 24 hours.
This is not the first instance of such activity. In April 2026, when the U.S.-Iran conflict was at its peak, Iran reportedly accepted Bitcoin payments for a proposed $1-per-barrel toll from ships passing through the Strait of Hormuz.
