Crypto
US Sanctions BitBank Over Alleged Iran Financial Network Activity
The US Treasury has sanctioned Iranian cryptocurrency exchange BitBank and its software developer Pishtaz Simorgh Electronic Trade Company, along with three individuals linked to Babak Zanjani.
Treasury alleges that BitBank processed hundreds of millions of dollars in Iran-linked payments and transferred funds to the IRGC (Islamic Revolutionary Guard Corps).
The allegations involve maritime activity around the Strait of Hormuz, where BitBank was used to transfer funds associated with the Hormuz Safe Marine Services Authority.