US Sanctions Iran's Bitcoin Exchange Over Alleged IRGC Ties
The US Treasury has sanctioned Iran's BitBank cryptocurrency exchange and its software developer, Pishtaz Simorgh Electronic Trade Company, alleging that the exchange moved hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).
The OFAC said BitBank processed fees collected by Hormuz Safe Marine Services Authority, which charges tankers between $1 million and $2 million for 'safe passage' through the Strait of Hormuz.
Since June, part of this money has moved through BitBank, according to the Treasury. The sanctions freeze BitBank's property under US jurisdiction and threaten foreign institutions that process its transactions with exclusion from the US financial system.
The action did not include a single wallet address, unlike previous designations where Bitcoin and Tron addresses were published.