US Treasury Sanctions Iranian Crypto Exchange Over Alleged IRGC Ties

The U.S. Treasury has sanctioned Iranian cryptocurrency exchange BitBank for allegedly moving hundreds of millions of dollars in Bitcoin to Iran's Revolutionary Guards.

This is part of a wider campaign, Operation Economic Outcast, launched by Treasury Secretary Scott Bessent in August to target those operating in Iran's digital asset sector.

The Hormuz Safe Marine Services Authority, which collects tolls from tankers passing through the Strait of Hormuz, used BitBank to pass funds along to the IRGC. The authority has been charging between $1 million and $2 million per tanker this year, with part of that money moving through BitBank since June.

The Treasury's Office of Foreign Assets Control also designated four other individuals and companies linked to BitBank, including Pishtaz Simorgh Electronic Trade Company and Dot One Value Creation Group. The sanctions freeze any property these entities hold under U.S. jurisdiction and warn foreign banks that process their transactions may lose access to the U.S. financial system.