US Slams Brakes on Iran's Cryptocurrency Ties with BitBank Sanctions
The US Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, as part of its economic campaign against Iran and its financial enablers. The Office of Foreign Assets Control (OFAC) designated BitBank, describing it as a priority digital assets venture controlled by Babak Zanjani, who was previously sanctioned.
The Treasury Department claims that Iran's Hormuz Safe digital maritime-insurance scheme has used BitBank to transfer payments to the Iranian regime. This move is part of Operation Economic Outcast, which has seen sanctions levied on financial institutions in Russia, the United Arab Emirates, and Turkey with alleged ties to Iran.
The sanctions could jeopardize a fragile detente ahead of a meeting between US President Donald Trump and Chinese President Xi Jinping on September 24. US Treasury Secretary Scott Bessent stated that these sanctions 'make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach.'