US Treasury Sanctions Iranian Exchange BitBank Over Strait of Hormuz Bitcoin Payments
The U.S. Treasury sanctioned Tehran-based exchange BitBank, which it says moved hundreds of millions in bitcoin to the IRGC and processed payments from ships passing through the Strait of Hormuz.
AfroEuropa Newsroom
AfroEuropa desk
The U.S. Treasury has imposed sanctions on BitBank, a cryptocurrency exchange based in Tehran, citing its alleged role in moving funds to Iran's Islamic Revolutionary Guard Corps (IRGC) and in handling payments tied to shipping passage through the Strait of Hormuz.
According to the Treasury, the exchange moved hundreds of millions of dollars in bitcoin to the Revolutionary Guards, as reported by CoinDesk. Cointelegraph reported that the Treasury said BitBank processed payments received through what Iran calls its Strait of Hormuz maritime scheme, described in coverage as a "Hormuz Safe" arrangement.
The Strait of Hormuz is a key maritime route for global oil shipments. The Treasury alleges that payments collected from ships buying passage through the waterway were routed through the exchange.
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