DOJ seeks to seize $61M in cryptocurrency from Binance accounts tied to Iranian oil sales

The US Justice Department filed a civil forfeiture complaint on September 14, 2026, to seize $61 million in cryptocurrency from Binance accounts. Prosecutors allege that two Chinese firms, Blessed Trust and Hexa Whale, laundered over $1.5 billion in black-market Iranian oil proceeds through Binance to fund the Islamic Revolutionary Guard Corps. While Binance is not named as a defendant, the filing complicates its upcoming September 30, 2026, bid for a UK Financial Conduct Authority license.

DOJ civil forfeiture complaint

• ▪The US Attorney’s Office for the Southern District of New York filed a civil forfeiture complaint on September 14, 2026, seeking to seize $61 million in cryptocurrency tied to Binance accounts
• ▪The US Justice Department's civil forfeiture complaint filed on September 14, 2026, does not name the cryptocurrency exchange Binance as a defendant

Iranian oil proceeds laundering network

• ▪US prosecutors allege that Iran used a network of cryptocurrency actors in China to launder more than $1.5 billion in illicit oil proceeds through Binance trading accounts
• ▪The US Justice Department alleges that two China-based firms, Blessed Trust and Hexa Whale, held Binance trading accounts used to funnel illicit Iranian oil proceeds to the Islamic Revolutionary Guard Corps

Binance sanctions compliance history

• ▪Binance pleaded guilty to US sanctions violations in 2023 and paid a $4.3 billion penalty
• ▪The Dubai-fined, Iran-linked exchange Shelbit historically sent $676 million onto the Binance platform, according to reporting by Reuters
• ▪In March 2026, Binance Co-CEO Richard Teng pushed back against a Senate probe involving Blessed Trust and Hexa Whale, calling the allegations false and defamatory

UK FCA license application timing

• ▪Binance is seeking Financial Conduct Authority authorization under Britain's new cryptocurrency framework, which is built around governance and compliance standards
• ▪The US civil forfeiture filing occurred two weeks before Binance's planned bid for a UK Financial Conduct Authority license opens for applications on September 30, 2026

Debatable claims

• ▪Binance's compliance reforms are insufficient to prevent sanctions evasion
• ▪The UK Financial Conduct Authority should reject Binance's license application