Browsing: Irans

The U.S. Treasury’s Office of Foreign Asset Control has identified and sanctioned an Iranian bitcoin exchange linked to the “Hormuz Safe Marine Services Authority,” a front company that enables the Islamic Revolutionary Guard Corps’ fee-for-transit scheme for the Strait of Hormuz. 

US authorities on Thursday announced sanctions against Iranian crypto exchange BitBank, accusing it of processing Bitcoin paid by ships transiting the Strait of Hormuz.

The US has sanctioned Iranian cryptocurrency exchange BitBank and its alleged network, accusing the platform of moving hundreds of millions of dollars to Iran’s Islamic Revolutionary Guard Corps (IRGC) and processing payments tied to shipping access through the Strait of Hormuz.

US Treasury’s OFAC designated BitBank as a priority Iranian digital asset target today. The action is part of Operation Economic Outcast, targeting Iran’s crypto-based sanctions evasion. BitBank joins a broader list of Iranian entities using digital assets to circumvent US sanctions. The designation exposes any US person transacting with BitBank to potential civil and criminal…