The U.S. Attorney's Office for the Southern District of New York filed a civil lawsuit on Monday seeking to seize approximately $61 million (equivalent to 52.8 million euros) in cryptocurrencies. These funds are allegedly derived from the trade of Iranian crude oil and derivatives subject to sanctions.
According to the complaint, the Chinese companies Blessed Trust and Hexa Whale used accounts on Binance to launder these revenues, directing the funds to the Iranian Government, as well as to agents or entities linked to it.
Authorities indicated that part of this amount would be used to finance operations of the Islamic Revolutionary Guard Corps, an entity designated as a terrorist organization by the United States, in addition to other activities of the Iranian Government itself.
The two involved companies were reportedly part of a vast network of cryptocurrency addresses that processed and distributed over $1.5 billion (1.3 billion euros) from the illegal sale of Iranian oil.
The Department of Justice stated that these resources were channeled to financial service companies linked to the Revolutionary Guard, cryptocurrency addresses associated with the organization, and an Iranian platform dedicated to digital asset trading.
The specific transactions covered by this seizure measure, totaling $61 million (52.8 million euros), occurred during May and June 2025, with the funds subsequently frozen, as reported by the British newspaper Financial Times.
U.S. Deputy Attorney General Sean S. Buckley stated in a press release that 'the Iranian Government utilized a network of cryptocurrency operators in China and elsewhere to launder more than $1.5 billion (1.3 billion euros) obtained from illegal oil sales, intended to benefit the Iranian armed forces and the Revolutionary Guard.' He added that 'we are seizing and seeking forfeiture of more than $61 million (52.8 million euros) belonging to the Iranian Government, which otherwise would have promoted hostile military actions and terrorist attacks against the United States and our allies.'
The accusation details that Blessed Trust presented itself to financial institutions and cryptocurrency platforms as a wealth manager or virtual asset custodian, but in reality, received and transferred profits from the sale of Iranian oil, converting fiat currency into cryptocurrencies.
Similarly, Hexa Whale, which describes itself as a commodity trading intermediary, allegedly provided analogous services and collaborated with Blessed Trust and other partner corporations.
U.S. authorities confirmed that clients of the two companies include companies in the oil and petroleum derivatives sector located in China.
In response, Binance informed the Financial Times that the lawsuit was not directed at the platform and that there are no allegations of irregularities against the company. The platform assured maintaining a 'zero tolerance' policy for any sanctions violations or illicit activities, promising to continue cooperating with authorities.
It is worth noting that Binance had already pleaded guilty in 2023 to criminal cases in the United States related to anti-money laundering compliance violations, agreeing to pay $4.3 billion (3.725 billion euros). Its founder, Changpeng Zhao, was also found guilty of failing to implement adequate anti-money laundering mechanisms and received a four-month prison sentence, which was pardoned by the American President, Donald Trump, in October 2025.
The Public Prosecutor emphasized that the filed action is civil in nature and that all allegations contained in the complaint are mere accusations, requiring proof in court.