US sanctions Iran’s BitBank, saying it processes ‘Hormuz Safe’ Bitcoin payments
Summary
US authorities sanctioned Iranian crypto exchange BitBank, alleging it processed Bitcoin payments tied to ships passing through the Strait of Hormuz and helped move funds to the Islamic Revolutionary Guard Corps. Treasury said Hormuz Safe Marine Services used BitBank to transfer payments and described the exchange as part of a network linked to financier Babak Zanjani and Iran’s sanctions-evasion infrastructure. The designation also covered BitBank’s developer and three associates. Treasury said the move targets Iran’s use of digital assets to bypass sanctions and isolate it from the global financial system. The action follows earlier US sanctions on other Iranian crypto exchanges and wallet freezes tied to Iran.
