US Treasury Sanctions Iran's BitBank Over Billions in Bitcoin Transfers to Revolutionary Guard

The US Treasury has added Iran's digital asset exchange BitBank to its sanctions list, stating the platform was used to transfer hundreds of millions of dollars worth of Bitcoin to Iran's Revolutionary Guard. The Treasury's Office of Foreign Assets Control (OFAC) designated BitBank, developer Fishaz Simorgh Electronic Trade, and three individuals as sanctioned entities, targeting Iran's digital asset-based evasion network.