Binance CEO Richard Teng publicly responded to a US Department of Justice civil forfeiture filing seeking more than $61 million in cryptocurrency tied to alleged Iranian oil proceeds, stressing that the action alleges no wrongdoing by Binance itself.
In a statement on X, Teng said prosecutors directed the filing at the assets rather than the exchange. He emphasized that Binance applies zero tolerance to sanctions violations and illicit activity, and said the company has cooperated with authorities since the matter was raised several months earlier. When risks are identified, Binance investigates and restricts or freezes affected accounts, offboards users, and reports relevant cases to authorities.
The complaint, announced by Deputy US Attorney Sean S. Buckley and FBI official James C. Barnacle Jr., alleges that two Chinese companies, Blessed Trust and Hexa Whale, used Binance accounts to launder proceeds from black-market Iranian oil sales and route money to Iran and its proxies. Prosecutors say cryptocurrency actors in China and elsewhere laundered more than $1.5 billion in alleged Iranian oil proceeds connected to the IRGC, which the US designates as a terrorist organization.
The filing describes interconnected unhosted wallets, called the Entity A addresses, that allegedly received and distributed the illicit funds. Authorities say the scheme was designed to obscure the nature, source, and ownership of the money, and that tens of millions of dollars moved through US financial channels.
Earlier, Teng had separately emphasized that trust and transparency must guide crypto exchanges through difficult times, arguing that exchanges “will come and go” but long-term viability depends on maintaining high standards and user confidence. That broader message aligns with Binance’s compliance-focused response to the DOJ action.
