US Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers
The U.S. Department of the Treasury has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, as part of its ongoing campaign against the Islamic Republic of Iran and its enablers.
According to the Treasury, BitBank was used by the Iranian Hormuz Safe Marine Services Authority to move Bitcoin to the Iranian regime since June. The sanctions also target Babak Zanjani, an Iranian financier, along with his software developer Pishtaz Simorgh Electronic Trade Company and three of his associates.
The U.S. has been cracking down on Iran's use of cryptocurrencies, including Bitcoin, as a way to bypass economic penalties. In July, the Treasury's Office of Foreign Assets Control (OFAC) said that Hormuz Safe, developed by Iran's Ministry of Economy, accepts payment in Bitcoin and other digital assets to dodge sanctions.
The sanctions aim to hit 'the architecture Zanjani built to launder funds' and will continue to target the Iranian digital asset ecosystem, as well as international entities and actors who help facilitate it. Secretary of the Treasury Scott Bessent warned that if you support the Iranian regime, the Department of the Treasury will sanction you.