The US Treasury sanctioned Iranian crypto exchange BitBank for processing Bitcoin payments linked to Iran’s Strait of Hormuz maritime scheme. BitBank allegedly moved hundreds of millions of dollars in Bitcoin to the IRGC.
The United States Treasury Department recently sanctioned BitBank, a cryptocurrency exchange operating in Iran. The Treasury stated that BitBank processed Bitcoin payments tied to Iran's "Strait of Hormuz maritime scheme." These actions reportedly helped move hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC). This move aims to disrupt funding for activities that violate international sanctions and to target the use of digital assets for illicit financial operations. Such sanctions highlight the US government's ongoing efforts to curb the use of crypto for illegal purposes globally.
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