US Treasury Sanctions Iran's BitBank Cryptocurrency Exchange

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Iran-based cryptocurrency exchange BitBank. The Treasury explained that the exchange processed fees for ships passing through the Strait of Hormuz and facilitated billions of dollars in transfers to Iran's Islamic Revolutionary Guard Corps (IRGC). The exchange is owned by Babak Zanjani, an Iranian financial operator under OFAC sanctions, with the sanctions also covering BitBank’s development company and close associates of Zanjani. It should be noted that Iran's BitBank is a separate entity from Japan's BitBank cryptocurrency exchange.