US Sanctions Iranian Crypto Exchange BitBank Over Alleged Bitcoin Transfers to IRGC
The US Treasury Department has imposed sanctions on Iranian crypto exchange BitBank and its developer Pishtaz Simorgh Electronic Trade Company for allegedly processing Bitcoin payments linked to the Islamic Revolutionary Guard Corps (IRGC).
According to the Treasury, BitBank helped move cryptocurrency payments connected to Iran's maritime scheme around the Strait of Hormuz. The agency alleged that BitBank processed hundreds of millions of dollars in Bitcoin payments for the IRGC between June and July.
The sanctions build on earlier designations of Hormuz Safe Marine Services Authority, which operates an IRGC-backed maritime insurance scheme involving vessels traveling through the Strait of Hormuz. The Treasury said payments connected to this activity were transferred through BitBank, linking the crypto exchange to the wider financial structure.