US Sanctions Iranian Crypto Firm Involved in Hormuz Transit Fees Scandal

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Bitbank, an Iranian cryptocurrency firm led by Babak Zanjani. This move is part of the Trump administration's campaign to economically isolate Iran.

Bitbank is accused of processing payments related to vessel transits through the Strait of Hormuz and transferring hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC).

The firm was used to channel funds to the Iranian regime that were paid to the 'Hormuz Safe Maritime Services Authority', an entity created by Iran to provide insurance and security services to vessels passing through the Strait.