US Sanctions Iranian Crypto Exchange BitBank for Processing Payments
- The US Treasury sanctioned Iranian crypto exchange BitBank for processing Bitcoin payments linked to the Islamic Revolutionary Guard Corps (IRGC).
- As of June, BitBank was allegedly used by Hormuz Safe Marine Services Authority to facilitate payments to the IRGC.
- The sanctions also targeted developer Pishtaz Simorgh Electronic Trade Company and three associates of financier Babak Zanjani.
- In total, the US has previously sanctioned multiple exchanges, including Nobitex and others, in efforts to curb Iran’s sanctions evasion.
- Iran’s central bank has recently eased foreign currency controls to encourage businesses to repatriate overseas earnings through cryptocurrencies.
These sanctions highlight ongoing efforts by the US Treasury to disrupt financial networks supporting the Iranian regime, particularly through digital assets like Bitcoin. The designation of BitBank underscores a broader strategy targeting Iran’s access to international financial systems.
The US Treasury’s actions against BitBank reflect a significant step in isolating Iran from global finance, following previous sanctions on four exchanges and freezing over $130 million in USDt linked to Iran.(Source)
