US Treasury sanctioned Iranian crypto exchange BitBank for facilitating transactions linked to Iran's Revolutionary Guard Corps and sanctioned financier Babak Zanjani.
Regulation & Gov ·
The US Treasury Department sanctioned cryptocurrency exchange BitBank, which is controlled by Iranian financier Babak Zanjani, for facilitating transactions linked to Iran's Islamic Revolutionary Guard Corps. According to the Treasury's Office of Foreign Assets Control, BitBank transferred payments for the Hormuz Safe Marine Services Authority beginning in June and moved hundreds of millions of dollars worth of Bitcoin to the IRGC between June and July. The action also targeted BitBank's developer and three executives connected to Zanjani. The sanctions were imposed under Executive Order 13902 as part of Operation Economic Outcast, the Treasury's campaign to restrict Iran's access to international financial systems.