The US Department of the Treasury has imposed sanctions on the Iranian cryptocurrency exchange BitBank. Authorities allege the platform facilitated Bitcoin payments for the Hormuz Safe Marine Services Authority, which reportedly transferred funds to the Islamic Revolutionary Guard Corps.
According to the Treasury, BitBank served as a mechanism for financier Babak Zanjani to move hundreds of millions of dollars in Bitcoin. The scheme involved forcing vessels passing through the Strait of Hormuz to purchase maritime insurance from the IRGC-backed entity.
The sanctions also target the exchange's developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Zanjani. The US Treasury clarified that the sanctioned BitBank, established in 2024, is a separate entity from the Japanese exchange bitbank, inc.
This action follows a series of US measures against Iranian digital asset infrastructure. In August, the US sanctioned exchanges Shelbit and Aban Tether, and in June, it targeted four other platforms, including Nobitex. Additionally, in July, the US ordered the freezing of over $130 million in Tether.
