US Treasury Targets BitBank for Sanctions Evasion in Strait of Hormuz

The US Treasury has targeted Babak Zanjani's crypto exchange BitBank for evading sanctions, linking it to toll fees collected through the HormuzSafe Marine Services Authority in the Strait of Hormuz. The move comes as part of a long-standing investigation into the regime insider's network.

Zanjani is known for his close connections to prominent Iranian hardliners and has been accused of profiting from sanctions evasion schemes, including selling Iranian oil exports through front companies and dark fleet tankers.

The US Treasury's Office of Foreign Assets Control (OFAC) designated BitBank, its executives, and associated entities in its latest sanctions action on September 17. OFAC notes that the crypto exchange has been used to collect toll fees from ship managers seeking to use the northern transit channel in the Strait of Hormuz.