Crypto
US Slams Iran's BitBank Over Alleged BTC Payments Through Strait of Hormuz
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed new sanctions on BitBank, an Iranian cryptocurrency exchange. The exchange is accused of helping to transfer Bitcoin payments tied to maritime traffic through the Strait of Hormuz.
The Treasury alleges that BitBank processed payments received by the Hormuz Safe Marine Services Authority and transferred them to the Islamic Revolutionary Guard Corps (IRGC).
OFAC's action forms part of a broader effort to restrict Iran's access to the global financial system, including through targeting digital asset service providers.