U.S. Treasury Sanctions Bitbank Over Alleged Iran-related Crypto Transfers

The U.S. Department of the Treasury has sanctioned Iranian virtual asset exchange Bitbank. The Treasury stated that Bitbank processed payments related to shipping fees for vessels passing through the Strait of Hormuz and transferred hundreds of millions of dollars worth of Bitcoin (BTC) to Iran's Islamic Revolutionary Guard Corps.

In a statement released on July 17 (local time), the U.S. Treasury identified Bitbank as an exchange controlled by Iranian financial operator Babak Janghini. The Treasury also claimed that Hormuz Safe Marine Services, under the Strait of Hormuz Safe Maritime Authority, began transferring shipping fee payments to Iran's regime through Bitbank starting in June.

The Treasury further stated that Janghini used Bitbank during June-July to transfer hundreds of millions of dollars worth of Bitcoin to the Revolutionary Guard Corps.