Tag: Islamic Revolutionary Guard Corps

US Justice Department Takes Action: “Binance’s Iran Transactions Under Investigation!”
Key Highlights
- U.S. federal prosecutors in Manhattan and the DOJ Criminal Division are investigating whether Binance violated sanctions regulations by processing transactions linked to sanctioned Iranian entities.
- The probe follows a DOJ lawsuit last week seeking to seize approximately $61 million in cryptocurrency allegedly laundered through Binance from black-market Iranian oil sales.
- Binance maintains a “zero-tolerance policy against sanctions violations” and says it fully cooperates with law enforcement, following a $4.3 billion settlement with U.S. authorities in November 2023.
U.S. Authorities Expand Scrutiny of Binance Sanctions Compliance

Federal prosecutors in New York and Washington are intensifying their examination of Binance, the world’s largest cryptocurrency exchange, over potential violations of U.S. sanctions regulations related to Iran. According to a Bloomberg report, the U.S. Attorney’s Office for the Southern District of New York and the Department of Justice’s Criminal Division are investigating whether Binance failed to block transactions that should have been prohibited under existing sanctions frameworks.

The investigation centers on whether the exchange’s compliance teams were negligent or “knowingly allowed” transactions by sanctioned shell companies to proceed on its platform. While the specific transactions under scrutiny have not been publicly disclosed, the probe unfolds against the backdrop of a civil forfeiture lawsuit filed last week by the DOJ. That action seeks to seize approximately $61 million worth of cryptocurrency allegedly connected to the Iranian government and the Islamic Revolutionary Guard Corps (IRGC), with prosecutors alleging the funds were derived from the black-market sale of sanctioned Iranian oil and laundered through accounts on Binance.

Binance Reiterates Compliance Commitment Amid Ongoing Investigations

In response to the reported investigation, Binance issued a statement emphasizing its adherence to regulatory standards. The company declared it has a “zero-tolerance policy against sanctions violations and fully cooperates with law enforcement.” The exchange further stated it “is committed to identifying and removing actors who violate sanctions from its platform.”

It remains unclear whether the current investigation will result in formal charges or a trial. Bloomberg noted that the information regarding the probe could not be independently verified and that the U.S. Department of Justice declined to comment on the matter.

Context: A Pattern of Regulatory Action Against the Exchange

The latest scrutiny adds to a significant history of regulatory challenges for Binance in the United States. In November 2023, the company pleaded guilty to violating multiple federal regulations, including U.S. banking and sanctions laws. As part of a comprehensive settlement with the Department of Justice, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC), Binance agreed to pay approximately $4.3 billion in fines and penalties. The agreement also required the appointment of an independent compliance monitor to oversee the exchange’s anti-money laundering and sanctions compliance programs for a period of three to five years.

Why This Matters

The ongoing investigation signals that U.S. authorities are actively testing the effectiveness of the compliance reforms implemented by Binance following its historic 2023 settlement. For the cryptocurrency industry, the case serves as a critical benchmark for how major exchanges are expected to police sanctions evasion, particularly concerning state-sponsored actors like the IRGC. The outcome could influence the stringency of Know Your Customer (KYC) and transaction monitoring standards across the digital asset sector globally. Furthermore, the seizure lawsuit highlights the increasing use of blockchain analytics by law enforcement to trace and interdict illicit financial flows tied to sanctioned oil revenue.

Frequently Asked Questions

What specific allegations are U.S. prosecutors investigating regarding Binance and Iran?

Prosecutors are investigating whether Binance violated U.S. sanctions regulations by failing to block transactions linked to sanctioned Iranian entities, specifically examining if compliance teams were negligent or “knowingly allowed” transactions by sanctioned shell companies on the platform.

How does this investigation relate to the DOJ’s recent $61 million seizure lawsuit?

The investigation and the civil forfeiture lawsuit are related developments. The lawsuit, filed last week, alleges that proceeds from the black-market sale of sanctioned Iranian oil were laundered through Binance accounts, seeking to seize approximately $61 million in cryptocurrency linked to the Iranian government and the IRGC.

What was the outcome of Binance’s previous settlement with U.S. authorities in 2023?

In November 2023, Binance pleaded guilty to violating federal banking and sanctions laws and agreed to pay approximately $4.3 billion in fines and penalties to resolve investigations by the DOJ, FinCEN, and the CFTC. The settlement also mandated the appointment of an independent compliance monitor for three to five years.
09/22/2026
US Sanctions Iran’s BitBank, Zanjani Associates Over Crypto Network
Key Highlights
- The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank, its developer Pishtaz Simorgh Electronic Trade Company, and four individuals linked to financier Babak Zanjani for moving hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps.
- The designations were announced under “Operation Economic Outcast” and target a network that operated between June and July to evade U.S. sanctions on the Iranian regime.
- Treasury Secretary Scott Bessent declared that cryptocurrency will not shield those supporting the Iranian government, stating: “If you support the Iranian regime, the Department of the Treasury will sanction you.”
Treasury Targets Iranian Crypto Network in Sanctions Sweep

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has levied sanctions against BitBank, an Iranian digital-asset exchange, and a constellation of associated entities and individuals accused of facilitating sanctions evasion on behalf of the Iranian government. The action, unveiled as part of the Treasury’s “Operation Economic Outcast,” underscores the administration’s escalating focus on cryptocurrency as a vehicle for illicit state financing.

BitBank and the Zanjani Connection

According to OFAC, BitBank has marketed itself as an Iranian digital-asset exchange since at least 2024. The platform’s software was developed by Pishtaz Simorgh Electronic Trade Company, a subsidiary of Dot One, which was also designated in the sweep. The agency alleges that Iranian financier Babak Zanjani utilized BitBank between June and July to transfer hundreds of millions of dollars worth of Bitcoin. The Treasury asserts these funds were ultimately channeled to Iran’s Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization, as part of a deliberate effort to circumvent U.S. economic restrictions.

Individual Designations and Corporate Ties

Beyond the exchange and its developer, OFAC sanctioned three individuals identified as key operators within the network: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The designations freeze any assets these targets hold under U.S. jurisdiction and generally prohibit American persons from engaging in transactions with them. The restrictions also extend to any entities owned 50% or more by the blocked individuals or entities, creating a broad compliance net for financial institutions and crypto service providers.

Bessent Warns Crypto Offers No Safe Harbor

Treasury Secretary Scott Bessent delivered a pointed message regarding the role of digital assets in sanctions evasion. He emphasized that the use of cryptocurrency would not insulate actors supporting the Iranian regime from U.S. enforcement.

“If you support the Iranian regime, the Department of the Treasury will sanction you.”

The statement signals a hardening posture toward the intersection of crypto finance and state-sponsored illicit finance, putting exchanges, developers, and intermediaries on notice that technical innovation does not confer legal immunity.

Why This Matters

The designations represent a significant escalation in the U.S. strategy to disrupt the financial pipelines of the Islamic Revolutionary Guard Corps. By targeting the technical infrastructure—specifically the exchange software developer Pishtaz Simorgh—alongside the operators, the Treasury is attacking the “on-ramps” and “off-ramps” that allow sanctioned actors to convert crypto into usable fiat currency. This move aligns with a broader global regulatory trend, including Financial Action Task Force (FATF) guidelines, demanding that virtual asset service providers implement the same Know Your Customer (KYC) and Anti-Money Laundering (AML) controls as traditional banks. For the crypto industry, the action serves as a stark reminder that jurisdictional boundaries are porous when U.S. sanctions are involved, and that “decentralized” technology does not prevent centralized enforcement against identifiable corporate entities and developers.

Frequently Asked Questions

What specific activities triggered the sanctions on BitBank?

OFAC alleges that BitBank was used by Iranian financier Babak Zanjani between June and July to move hundreds of millions of dollars in Bitcoin, with the funds ultimately reaching the Islamic Revolutionary Guard Corps (IRGC) to bypass U.S. sanctions.

Who else was sanctioned besides the exchange?

The Treasury designated BitBank’s developer, Pishtaz Simorgh Electronic Trade Company (a subsidiary of Dot One), and three individuals: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.

What are the practical consequences for U.S. persons and businesses?

U.S. persons are required to block any property or interests in property of the sanctioned targets that come under their control. Transactions with designated entities are generally prohibited unless authorized by a specific OFAC license. Violations can result in severe civil monetary penalties or criminal prosecution.
09/17/2026
US DOJ Seeks $61 Million Over Iran’s Alleged Crypto-Laundered Black Market Oil Sales

The legal action unfolds against a backdrop of intensifying missile warfare between Iran and the United States that began in February. The conflict has severely disrupted global oil flows and triggered a sharp surge in energy prices worldwide. Iran’s own crude exports have plummeted under a strict U.S. naval blockade and regional hostilities around the Strait of Hormuz. In response, Tehran has reportedly turned to cryptocurrency to circumvent the blockade and maintain trade channels.

DOJ Uncovers $1.5 Billion Crypto Pipeline for Iranian Oil Revenue

According to a Department of Justice statement, prosecutors identified a massive underground financial pipeline, internally dubbed “Entity A”, that moved black-market Iranian oil proceeds through a complex web of unhosted cryptocurrency wallets. Because unhosted wallets store digital assets outside centralized exchanges or third-party custodians, they function much like stashing physical cash in a private residence to prevent authorities from freezing the funds.

This network transferred massive sums of illicit cash directly to an Iranian crypto exchange, as well as to digital wallets and businesses tied to the Islamic Revolutionary Guard Corps (IRGC).

Chinese Firms Allegedly Facilitated Multi-Million Dollar Transfers via Binance

Two Chinese companies, Blessed Trust and Hexa Whale, allegedly acted as the primary facilitators coordinating the vast majority of these multi-million dollar transfers. According to the DOJ statement, both firms used trading accounts on Binance to launder the black-market oil proceeds before funneling the funds back to the Iranian government and its proxies.

09/15/2026
U.S. Department of Justice Issues Statement on Binance and Iran

DOJ Seeks Seizure of $61 Million in Crypto Linked to Iranian Oil Sanctions Evasion

The U.S. Department of Justice has filed a civil forfeiture lawsuit targeting approximately $61 million in cryptocurrency allegedly connected to the Iranian government and the Islamic Revolutionary Guard Corps (IRGC). The complaint, filed in the Southern District of New York, claims the digital assets represent proceeds from the illicit sale of sanctioned Iranian crude oil laundered through the cryptocurrency exchange Binance.

Alleged Laundering Network Involves China-Based Firms

According to the U.S. Attorney’s Office for the Southern District of New York, two China-based companies — Blessed Trust and Hexa Whale — used trading accounts on the UAE-based exchange Binance to facilitate the laundering operation. Authorities allege these firms helped convert proceeds from black market Iranian oil sales into cryptocurrency, moving funds through complex transaction networks designed to conceal their origin.

The complaint details how Blessed Trust presented itself to financial and crypto service providers as an asset management and digital asset custody company. In reality, prosecutors say it transferred funds derived from Iranian crude oil and petroleum product sales. The firm allegedly offered services converting fiat currency into cryptocurrencies utilizing U.S.-based crypto issuers.

Hexa Whale reportedly operated under the guise of a commodities brokerage but conducted similar transactions with Blessed Trust and affiliated parties. Both companies reportedly served clients in the Chinese oil and petroleum sector.

$1.5 Billion in Illicit Oil Revenues Tracked

Investigators identified a cluster of interconnected cryptocurrency addresses dubbed “Entity A” that allegedly received and distributed over $1.5 billion in funds from sanctioned Iranian oil sales. Transfers from these addresses reportedly went to money-handling companies linked to the IRGC, other crypto addresses, and an Iran-based cryptocurrency exchange.

Prosecutors allege Blessed Trust and Hexa Whale used sophisticated crypto transfer networks and address clustering to obscure the nature, source, and true ownership of transactions. The scheme allegedly facilitated tens of millions of dollars in transfers through the U.S. financial system.

Officials Emphasize Sanctions Enforcement and Crypto Tracing

Assistant U.S. Attorney Sean S. Buckley stated that the Iranian government uses its sanctioned oil sales to finance its military and operations in the region, and that the investigation alleges that cryptocurrency actors in China and other countries played a role in laundering more than $1.5 billion in illicit oil revenues.

FBI New York Field Office Deputy Director James C. Barnacle Jr. stated that the operation demonstrated the ability to track cryptocurrency networks used to circumvent sanctions, and that cutting off funds from black market oil sales aimed to reduce the financing capacity of the Iranian military and related entities.

The IRGC has been designated as a foreign terrorist organization by the United States. The forfeiture action seeks to disrupt financial pipelines supporting Iranian state activities and proxy operations across the Middle East.

This article is for informational purposes only and does not constitute investment advice.

09/14/2026
Iran Retaliates After US Strikes, Defying Trump’s Warning It Could Be Hit ‘Much Harder’

The US military carried out additional strikes on Iran on Tuesday, prompting Tehran to launch attacks toward Jordan, Bahrain and Kuwait despite President Donald Trump’s warning that Iran would be “hit much harder” if it retaliated.

The latest exchange followed overnight US-Iranian attacks into Monday, the first direct strikes between the two countries in more than a month. The escalation risked reigniting a damaging conflict after weeks of relative military calm.

After the new US strikes were announced, Trump warned that Iran would face more severe military action if it retaliated against what he called a “very justified attack.”

“They will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!” he wrote Tuesday on Truth Social.

Iran vowed a “crushing” response and launched ballistic missiles toward Jordan and drones toward Bahrain and Kuwait, saying it was targeting US military assets.

Tehran also claimed that shrapnel from one of the US strikes hit a wedding celebration in southern Iran, killing at least four people, including a toddler.

In a statement to CNN, a US military spokesperson said US Central Command (CENTCOM) had seen reports of the claim and denied targeting civilians in Iran.

“We are aware of reports, which originated from Iranian state media. The U.S. military never targets civilians, unlike the IRGC,” Capt. Timothy Hawkins, a CENTCOM spokesperson, said Wednesday, referring to Iran’s Islamic Revolutionary Guard Corps.

US strikes target IRGC facilities

CENTCOM said the US strikes were carried out in response to recent attempted Iranian attacks “against commercial shipping in the Strait of Hormuz and American troops deployed to the region,” according to a post on X.

Since the US strikes on Sunday, two tankers have been hit by projectiles, according to maritime intelligence group Marisks and the traffic monitoring agency United Kingdom Maritime Trade Operations (UKMTO). Iran and the US remain engaged in a protracted confrontation over the narrow waterway, which is critical to global energy supplies.

CENTCOM said Tuesday’s strikes targeted “air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites” associated with the IRGC. The strikes began at 12 p.m. ET, and CENTCOM announced they were complete more than six hours later.

The renewed fighting came despite Trump’s earlier indication that he planned to move away from a military campaign and focus instead on increasing economic pressure on Iran.

“I’m not trying to force Iran to the bargaining table,” Trump wrote on Truth Social on Tuesday night, after Iran retaliated. “I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing.”

Oil futures climbed above $94 a barrel after the US announced the new strikes.

Iran launches attacks toward regional allies

Jordan said it intercepted 10 Iranian missiles, while three others landed in remote areas far from populated locations. No casualties were reported, according to Jordan’s military.

Kuwait and Bahrain said they activated air defense systems to intercept Iranian drones. Tehran also claimed to have launched a combined missile and drone attack on Erbil in Iraq’s autonomous Kurdistan region.

Iran’s attacks came as Pakistan’s officials said they were “not discouraged” by the increase in violence. Pakistan’s Foreign Ministry “remains engaged” with Tehran and Washington, spokesperson Tahir Andrabi told reporters Wednesday. He said the strikes “should not be termed as a failure of the mediatory process.”

Reports of casualties and damage in Iran

The US attacks struck multiple locations across Iran.

Seven people were killed in strikes on Khuzestan province, which borders Iraq, Iran’s state-run Islamic Republic News Agency (IRNA) reported, citing a regional official.

The Iranian port cities of Chabahar and Konarak on the Gulf of Oman, which host major commercial, maritime and military infrastructure, also came under attack. Explosions were heard east of Bandar Abbas and around Qeshm Island in the Strait of Hormuz, according to state-linked media.

Iran’s state-run Press TV reported that the strikes also hit Jiroft Airport in southeastern Iran and a fishmeal factory on Qeshm Island.

Separately, an explosion was heard in Asaluyeh, a key gas and petrochemical hub on Iran’s Persian Gulf coast, according to the semi-official Fars News Agency.

Iranian authorities claimed that several people, including a 4-year-old child, were killed and at least 68 others wounded when shrapnel fell on a building hosting a wedding celebration in the coastal village of Kouhestak in southern Iran’s Sirik county, Press TV reported.

Footage released by Iran’s semi-official Tasnim News Agency, which purportedly showed the aftermath of a US strike, showed heavy smoke above rubble as people shouted. CNN geolocated the footage to a residential neighborhood in Kouhestak but said it could not independently verify the details of the alleged strike.

Video also showed that a large communications tower in Kouhestak was badly damaged Tuesday night. The tower was about 135 meters (442 feet) from the building where the wedding reception was held.

At least 19 of the wounded were children under 10, including seven boys and 12 girls, the Iranian Students’ News Agency quoted a regional health official as saying.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei condemned the attack as part of a “catalogue of atrocities” committed by the US and criticized the global community’s “normalization of bombing.” In a post on X on Wednesday, Baghaei also denounced CENTCOM’s denial of targeting civilians in Iran, calling the strike a “brutal war crime.”

The alleged attack received extensive coverage in Iranian state media and prompted outrage on Iranian social media, followed by the rapid publication of a Lego-style animated video, a format that has become a recurring feature of Iranian wartime propaganda.

Kouhestak is about 37 kilometers (22 miles) from Minab, where Iran says a US strike hit an elementary school in February, killing at least 168 children and 14 teachers.

Struggle over the Strait of Hormuz

The fighting resumed as the US and Iran remained locked in a dispute over the Strait of Hormuz. Tehran claims the right to control the waterway, while Washington says it is an international waterway.

The strait has been a chokepoint for global energy supplies since the war began, although more oil has flowed through it in recent weeks.

The US said it launched strikes on Sunday because Iran was attempting to use rockets to lay new sea mines in the strait. Tehran responded by firing at what it described as US military targets in the Middle East.

Trump told Fox News on Tuesday that the US had notified Arab allies in the Persian Gulf before the latest strikes. He also criticized Iran’s leadership, saying: “I think an agreement with them isn’t worth the paper it’s written on,” before adding: “They don’t stop: They’re crazy, and they’re stupid.”

Trump told Fox News that the US targeted radar systems Iran had attempted to rebuild. “They tried to rebuild their radar because they can’t see anything,” he said. “We waited until it was almost built, and then we hit it.”

The Trump administration has repeatedly dismissed concerns about Iran’s long-term control of the strait.

“In two years, the Strait of Hormuz will be like a worthless piece of water — the oil will be going on pipelines across land,” Treasury Secretary Scott Bessent told Larry Kudlow on Tuesday during an interview at a Group of 20 meeting. He was referring to plans by Arab states in the gulf to build infrastructure that would bypass the strait.

Bessent also said the Treasury Department’s efforts to isolate Iran’s economy from the rest of the world would eventually force the regime to surrender, describing his role as helping to “make sure that they want to have a deal.”

“We are going to economically asphyxiate this regime,” Bessent said. “The world is tired of this pariah state, or this rogue state, and they are willing to make it a pariah.”

He added that after initially targeting a bank in Dubai over its alleged ties to Iran, the Treasury Department was likely to sanction two more banks in the next couple of weeks.

07/13/2017