U.S. Sanctions BitBank for IRGC Transactions

The U.S. has sanctioned Iranian crypto exchange BitBank for facilitating payments linked to the IRGC, involving significant Bitcoin transactions.

On September 17, the U.S. Office of Foreign Assets Control added the Iranian cryptocurrency exchange BitBank to its sanctions list.

According to the Treasury Department, payments processed through this platform were linked to Hormuz Safe, which handles vessel passage fees through the Strait of Hormuz. In June and July, financier Babak Zanjani, associated with BitBank, allegedly funneled hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps. The sanctions also extend to a BitBank developer and three associates of Zanjani.

U.S. Sanctions Iranian Exchange BitBank Over IRGC Transactions