Treasury Sanctions Crypto Exchange Behind Iran's Bitcoin Tolls on Hormuz Ships
The U.S. Treasury sanctioned BitBank and four related individuals/entities for helping Iran evade sanctions through cryptocurrency. Treasury says the Hormuz Safe Marine Services Authority used BitBank since June to route Bitcoin payments collected from ships paying for safe passage through the Strait of Hormuz, then passed funds to the Iranian regime. Between June and July, BitBank allegedly moved hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps. BitBank is controlled by Babak Zanjani, an Iranian financier previously sanctioned by OFAC, and Treasury says he has promoted the exchange online since at least 2024. The action also targets Pishtaz Simorgh Electronic Trade Company and three Dot One executives tied to sanctions evasion and oil exports. All five were designated under Executive Order 13902, freezing their U.S. assets and exposing non-U.S. firms to secondary sanctions.
