US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Ties

The US Department of the Treasury's Office of Foreign Assets Control has announced sanctions against Iranian crypto exchange BitBank. According to the Treasury, BitBank processed Bitcoin payments from ships transiting the Strait of Hormuz through a company called Hormuz Safe Marine Services Authority.

The Treasury claims that these payments were then transferred to the Islamic Revolutionary Guard Corps (IRGC). This is alleged to be part of an IRGC-backed scheme forcing vessels to buy maritime insurance for passage, including coverage against seizures by Iran itself.

Babak Zanjani, a known Iranian financier, was also implicated in this scheme. The Treasury has previously alleged that Hormuz Safe is part of the IRGC's plan to move hundreds of millions of dollars in Bitcoin to the IRGC.