US Slams BitBank with Sanctions Over Alleged IRGC Bitcoin Transfers

The US Treasury Department has sanctioned Iranian crypto exchange BitBank for allegedly facilitating the transfer of hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

The IRGC is designated as a terrorist group by the US, European Union, and several other governments.

According to the Treasury Department, between June and July, Iranian financier Babak Zanjani used BitBank to move hundreds of millions of dollars to the IRGC in the form of Bitcoin (BTC).

The agency also alleged that the Hormuz Safe Marine Services Authority has used the exchange since June to transfer payments to the regime.