US prosecutors make crypto move for Iranian oil proceeds: Request to seize $61 million in assets

The U.S. Attorney's Office for the Southern District of New York has filed a lawsuit to seize more than $61 million in crypto assets allegedly obtained from black-market sales of sanctioned Iranian crude oil and petroleum products.

According to the prosecution's allegations, a network consisting of crypto actors in Iran, China, and other countries was used to launder over $1.5 billion in illicit oil proceeds. It is claimed that the funds were intended to be transferred for the benefit of the Iranian government, the Iranian military, and the Islamic Revolutionary Guard Corps.

U.S. Assistant Attorney Sean S. Buckley stated that more than $61 million in assets have been seized and that the forfeiture of the remaining crypto assets is being requested.

ALLEGATIONS OF CHINESE COMPANIES AND BINANCE ACCOUNTS

The case file alleges that China-based companies Blessed Trust and Hexa Whale laundered proceeds from the black-market sale of Iranian oil through their accounts on Binance and transferred funds to Iran-linked individuals and entities.

The prosecution claimed that Blessed Trust provided services for converting fiat currency into crypto assets, and that Hexa Whale conducted similar transactions through its companies and subsidiaries. Among the allegations is that the two companies utilized the U.S. financial system to send or receive tens of millions of dollars as part of the scheme.

Binance, for its part, stated that it maintains a "zero tolerance" policy against sanctions violations and illegal activities, adding that it will continue to cooperate with law enforcement.

According to the file, the plan involves the "burning" of the crypto tokens found at the targeted addresses by Tether, followed by the creation of new tokens of equal value to be placed under the control of the U.S. government.

The U.S. had previously taken steps to impose sanctions on independent refineries in China that process Iranian oil. It is noted that China is among the largest buyers of Iranian oil, having received more than 80 percent of Iran's oil shipments in 2025.

News Source: 12punto