US Sanctions BitBank Over Alleged Iranian Ties

The U.S. Treasury has imposed sanctions on BitBank, a cryptocurrency exchange allegedly owned by Babak Zanjani, who is also under U.S. sanctions.

The Treasury claims that between June and July, Zanjani used BitBank to send hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

This move raises regulatory and security concerns for cryptocurrency exchanges and increases scrutiny of crypto flows and compliance.