US sanctions Iranian crypto exchange for bitcoin transfers to Revolutionary Guards

The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank, its software developer, and three individuals on Thursday for allegedly facilitating hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC) this summer. Treasury Secretary Scott Bessent stated, "Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond the Office of Foreign Assets Control’s reach." BitBank is described as a "priority digital asset venture" controlled by Iranian financier Babak Zanjani, who was previously sanctioned for money laundering and sanctions evasion. The Treasury also alleged that Hormuz Safe Marine Services Authority used BitBank for payments to Tehran since June. The U.S. government urged all nations and the private sector to prevent their platforms from being exploited by the Iranian regime.