US Hits Iranian Crypto Exchange BitBank with Sanctions
The US Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange controlled by Babak Zanjani. The agency claims that BitBank was used to process payments related to the safe passage of vessels through the Strait of Hormuz.
According to the Treasury, BitBank transferred hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). The US also accuses BitBank of being a key component of Iran's sanctions-evasion infrastructure using digital assets.
The Treasury added Pishtaz Simorgh Electronic Trade Company, which developed software for BitBank, and three close associates of Zanjani to the sanctions list. This move is part of Operation Economic Outcast, aimed at economically isolating Iran and disrupting its international financial, commercial, and logistics networks.