US Treasury Targets Iranian Crypto Exchange for Facilitating Bitcoin Payments

The U.S. Treasury has targeted BitBank, an Iranian cryptocurrency exchange controlled by financier Babak Zanjani, for its role in facilitating Bitcoin payments to the IRGC.

According to the Treasury Department, between June and July, BitBank was used to move hundreds of millions of dollars' worth of Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

The Hormuz Safe Marine Services Authority has been using BitBank since June to pass payments it collects on to the Iranian regime.

Five individuals and companies have been designated under Operation Economic Outcast, including Dot One Value Creation Group and its executives, for their involvement in sanctions evasion and digital asset transactions with the IRGC.