The U.S. has filed a civil forfeiture complaint against $61 million in cryptocurrency allegedly tied to black-market sales of sanctioned Iranian crude oil. The complaint, brought by the U.S. Attorney's Office for the Southern District of New York, claims Tehran used a network of cryptocurrency actors in China to launder more than $1.5 billion in illicit oil money benefiting the Iranian military and the Islamic Revolutionary Guard Corps.

Deputy U.S. Attorney Sean S. Buckley said the seized funds otherwise would have promoted hostile military action and terrorist attacks against the U.S. and allies. Two Chinese companies, Blessed Trust and Hexa Whale, allegedly used trading accounts at Binance to launder proceeds of Iranian oil sales, funneling illicit funds to the Government of Iran.

Binance said it has zero tolerance for sanctions violations and will continue cooperating with law enforcement. Tether Ltd. will "burn" tokens held in target addresses and issue replacements transferred to U.S. government custody.

China accounts for more than 80% of Iran's shipped oil in 2025, averaging 1.4 million barrels per day. In April, Washington sanctioned a Chinese "teapot" refinery and warned financial institutions about dealings with refineries processing Iranian oil.