US says Chinese groups laundered $61M through Binance from Iranian oil deals

Binance: Binance operates one of the largest cryptocurrency trading platforms, offering spot, futures, and other digital asset services to users worldwide. It has recently updated trading hours for commodity-based perpetual contracts and announced changes to token support on select networks. Accounts on the platform were allegedly used by Chinese entities to process cryptocurrency linked to sanctioned Iranian oil proceeds, prompting a US Department of Justice forfeiture action. US Government: The US Government, through agencies like the Department of Justice, enforces economic sanctions and pursues civil forfeiture actions against illicit finance networks. It recently filed a complaint targeting cryptocurrency allegedly derived from black-market Iranian oil sales routed through Binance accounts. The action forms part of broader efforts under initiatives like Operation Economic Outcast to disrupt funding for Iranian entities and proxies. Sanctions: The US Treasury Department launched Operation Economic Outcast in August 2026 to target Iran's exploitation of cryptocurrency for illicit financial activities. Enforcement: The US Department of Justice filed a civil forfeiture complaint in September 2026 targeting cryptocurrency tied to Iranian oil sales laundered through Binance.