Bitcoin
US Treasury Sanctions Iranian Exchange BitBank Over Strait of Hormuz Bitcoin Tolls
The US Office of Foreign Assets Control has penalized BitBank for processing Iranian maritime toll collections and routing funds to the Revolutionary Guards.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated Iranian cryptocurrency exchange BitBank under an initiative called Operation Economic Outcast.
According to Treasury statements, the platform is controlled by financier Babak Zanjani and was used to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps between June and July.
Authorities reported that the Hormuz Safe Marine Services Authority had been routing payments collected from commercial vessels through BitBank since June. The shipping fees were charged in Bitcoin for safe passage through the Strait of Hormuz, a mechanism originally designated by the Treasury in July.
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