Richard Teng Says Binance Is Not Accused: So Why the $61 Million Seizure?
Richard Teng, Binance's co-CEO, said on Tuesday that a US forfeiture case over Iranian oil money was not filed against the exchange and does not allege any wrongdoing by it.
Prosecutors in Manhattan brought the case on Monday, seeking about $61 million in cryptocurrency they say came from black market sales of sanctioned Iranian crude oil.
What the DOJ Complaint Alleges
The Department of Justice (DOJ) says two Chinese companies, Blessed Trust and Hexa Whale, used trading accounts at Binance to launder the oil proceeds. BeInCrypto reported the forfeiture filing on Monday.
Blessed Trust presents itself as a wealth management firm, Hexa Whale as a commodities broker. Prosecutors say a group of wallets they call Entity A moved more than $1.5 billion in Iranian oil money.
Some funds reached Iran's Islamic Revolutionary Guard Corps (IRGC), a military branch the US designates as a terrorist organization, the filing says.
Deputy US Attorney Sean Buckley announced the action. Binance is not named as a defendant, and a civil forfeiture complaint is an allegation that is not proven until a court rules.
… Continue reading the full article at the original source below.
