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Two Chinese Firms Used Binance to Launder Iranian Oil Money, US Says
The New York Times • • business
Key Points:
- The U.S. Justice Department alleges that two Chinese companies used Binance accounts to launder proceeds from illegal Iranian oil sales, funding Iran's military including the Islamic Revolutionary Guards Corps.
- A civil forfeiture claim filed in Manhattan seeks to seize $61 million linked to these activities, with over $1.5 billion in illicit funds tied to crypto wallets associated with Iran.
- Binance was not charged with wrongdoing, but internal compliance officials had flagged the Iran-related transactions last year and were subsequently fired or suspended, sparking congressional scrutiny.
- Binance has faced ongoing challenges addressing financial crime on its platform, paying $4.3 billion in penalties in 2023 for violating U.S. financial laws, and maintains a stance of zero tolerance for sanctions violations.
