US targets Iran’s crypto lifeline: BitBank sanctioned over alleged IRGC, Hormuz payments
The US has sanctioned Iranian cryptocurrency exchange BitBank and its alleged network, accusing the platform of moving hundreds of millions of dollars to Iran’s Islamic Revolutionary Guard Corps (IRGC) and processing payments tied to shipping access through the Strait of Hormuz. The Treasury Department announced the action under Operation Economic Outcast , Washington’s broader campaign to…
According to the US Treasury Department, cryptocurrency exchange BitBank and its associated network have been sanctioned for allegedly facilitating transactions to Iran's Islamic Revolutionary Guard Corps (IRGC) and processing payments related to shipping access through the Strait of Hormuz. The sanctions, part of Operation Economic Outcast, target the platform controlled by Iranian financier Babak Zanjani, who is already under US sanctions for alleged roles in evading oil and financial restrictions.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) designated BitBank, its developer Pishtaz Simorgh Electronic Trade Company, and three alleged associates of Zanjani as part of the sanctions. The move freezes assets within US jurisdiction, prohibits US persons from dealing with the targets, and exposes foreign institutions to potential sanctions if they engage with the designated entities.
OFAC alleges that BitBank transferred hundreds of millions of dollars in digital assets to the IRGC and used the platform to process payments for Hormuz Safe, an Iranian maritime-insurance and shipping-services company previously sanctioned by the US. The allegations arise as the Strait of Hormuz remains a contentious issue in the US-Iran conflict, with Tehran attempting to control and restrict shipping through the waterway.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
