US Sanctions Bitbank Over Bitcoin Fund Moves
The U.S. Treasury has imposed sanctions on Iranian cryptocurrency exchange Bitbank for allegedly facilitating bitcoin transactions to evade sanctions.
As part of the 'Operation Economic Outcast' campaign, the Treasury designated Bitbank as a digital asset infrastructure that supports the Islamic Republic of Iran and its forces.
The move targets a money-laundering structure built by Iranian financier Babak Zanjani and his software developer Pishtaz Simorgh Electronic Trade Company, which was used to transfer bitcoin to the Iranian government through Hormuz Saif Marine Services since June.
Treasury Secretary Scott Bessent stated that the designation shows attempts to raise funds using cryptocurrency are not beyond the reach of the Office of Foreign Assets Control.