US Sanctions Iranian Crypto Exchange BitBank Over Alleged Payments to IRGC
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Iranian cryptocurrency exchange BitBank, alleging it processed Bitcoin payments from ships transiting the Strait of Hormuz.
According to OFAC, as of June, the Hormuz Safe Marine Services Authority used BitBank to transfer payments it received to the Islamic Revolutionary Guard Corps (IRGC).
The Treasury claims this is part of an IRGC-backed scheme forcing vessels to buy maritime insurance for passage, including coverage against seizures by Iran itself.
US Treasury Secretary Scott Bessent stated that 'Today's designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach.'