US Sanctions BitBank, Iranian Crypto Exchange Over Strait of Hormuz Payments

The US Treasury has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, for allegedly facilitating payments for safe passage of ships through the Strait of Hormuz.

According to the US Treasury, BitBank routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC), a crucial part of Iran's sanctions-evasion infrastructure using digital assets.

The exchange transferred funds to Iran's Hormuz Safe Marine Services Authority, which is tied to Babak Zanjani, a prominent figure in Iran's sanction-evasion networks.