The U.S. Office of Foreign Assets Control (OFAC) has sanctioned the Iranian cryptocurrency exchange BitBank as of September 17. This action targets the exchange due to its involvement in facilitating payments that are connected to the Islamic Revolutionary Guard Corps (IRGC).
Payments processed on the BitBank platform were reportedly linked to Hormuz Safe, an entity managing vessel passage fees through the strategically vital Strait of Hormuz. Allegations have arisen that financier Babak Zanjani, who has ties to BitBank, transferred substantial amounts, specifically hundreds of millions of dollars in Bitcoin, to the IRGC during the months of June and July. Additionally, sanctions have been imposed on a BitBank developer and three individuals associated with Zanjani.
