U.S. Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC
OFAC says BitBank moved hundreds of millions of dollars in Bitcoin to Iran's Revolutionary Guards, including payments tied to passage through the Strait of Hormuz.
AfroEuropa Newsroom
AfroEuropa desk
The U.S. Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange it accuses of helping route hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC).
The Office of Foreign Assets Control (OFAC) designated BitBank along with its developer, Pishtaz Simorgh Electronic Trade Company, and three executives connected to Iranian financier Babak Zanjani. According to BitKE, the measures form part of the Trump administration's initiative called Operation Economic Outcast, aimed at Iranian networks used to evade sanctions.
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