Richard Teng Says Binance Is Not Accused: So Why the $61 Million Seizure?
Richard Teng, Binance’s co-CEO, stated on Tuesday {that a} US forfeiture case over Iranian oil cash was not filed towards the change and doesn’t allege any wrongdoing by it.
Prosecutors in Manhattan introduced the case on Monday, searching for about $61 million in cryptocurrency they are saying got here from black market gross sales of sanctioned Iranian crude oil.
What the DOJ Complaint Alleges
The Department of Justice (DOJ) says two Chinese firms, Blessed Trust and Hexa Whale, used buying and selling accounts at Binance to launder the oil proceeds. BeInCrypto reported the forfeiture filing on Monday.
Blessed Trust presents itself as a wealth administration agency, Hexa Whale as a commodities dealer. Prosecutors say a gaggle of wallets they name Entity A moved greater than $1.5 billion in Iranian oil cash.
Some funds reached Iran’s Islamic Revolutionary Guard Corps (IRGC), a army department the US designates as a terrorist group, the submitting says.
Deputy US Attorney Sean Buckley introduced the motion. Binance will not be named as a defendant, and a civil forfeiture grievance is an allegation that’s not confirmed till a courtroom guidelines.
What Binance Said
Teng stated Binance has zero tolerance for sanctions violations and didn’t allow transactions with sanctioned people.
He stated the change has cooperated with regulation enforcement since the matter was first raised months in the past, and that it freezes accounts the place it identifies illicit finance threat.
“If you search to make use of our trade to evade the regulation, we are going to discover you, freeze you out, and hand you over to the authorities,” Teng stated in a post.
In March, Teng referred to as US Senate allegations of Iranian laundering false and defamatory. The change pleaded responsible to US sanctions violations in 2023 and paid a $4.3 billion penalty.
The case sits with the Southern District of New York, the place a choose will resolve whether or not the funds could be forfeited.
The put up Richard Teng Says Binance Is Not Accused: So Why the $61 Million Seizure? appeared first on BeInCrypto.
