US Charges Two Chinese Firms With Laundering Iranian Oil Revenue via Binance

Federal prosecutors in the United States have charged two Chinese firms with using Binance, the world's largest cryptocurrency exchange, to launder money derived from the sale of Iranian oil, according to authorities. The alleged scheme routed proceeds through the crypto platform in a manner prosecutors say ultimately helped finance terrorism.

The case marks a significant escalation in U.S. efforts to enforce sanctions against Iran by targeting intermediaries who allegedly exploit digital asset infrastructure to move restricted funds across borders. By focusing on Binance as the conduit, the prosecution highlights ongoing regulatory scrutiny of major crypto exchanges and their vulnerability to illicit financial flows.

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Binance has faced mounting legal pressure in recent years over compliance failures, and this latest development underscores the persistent challenge facing the crypto industry in policing transactions tied to sanctioned nations. The use of a globally accessible exchange to allegedly circumvent U.S. sanctions on Iranian oil exports raises questions about the effectiveness of existing anti-money-laundering controls within digital asset platforms.

The charges also reflect a broader U.S. government strategy of pursuing foreign entities, including Chinese companies, that are accused of facilitating Iranian oil sales in defiance of American sanctions. Prosecutors contend that the funds in question were not merely moved for financial gain but were channeled in ways that supported designated terrorist organizations.

The full scope of the alleged laundering operation, including the total dollar amounts involved and the identities of the named firms, was outlined by federal authorities as part of the formal charging documents. Continue reading at NYT > Business.