US sanctions Iranian financier's crypto exchange, says it processes Hormuz payments
Treasury said BitBank moved hundreds of millions of dollars in bitcoin to the IRGC and processed payments tied to vessel passage fees.
- On Thursday, the United States Treasury Department sanctioned the Iranian cryptocurrency exchange BitBank, alleging it facilitates payments for safe passage of ships through the Strait of Hormuz.
- BitBank is controlled by financier Babak Zanjani, a key figure in sanctions-evasion networks who re-emerged in government projects following a commuted 2016 death sentence for embezzlement.
- Sanctions also hit Pishtaz Simorgh Electronic Trade Company, the developer behind BitBank, and three associates: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
- Treasury Secretary Scott Bessent emphasized that the latest sanctions, part of 'Operation Economic Outcast,' make "perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach."
- Sanctions could jeopardize a fragile detente ahead of a September 24 meeting between President Donald Trump and Chinese President Xi Jinping in Washington, though Treasury has yet to target Chinese banks.
106 Articles
106 Articles
China firm gave Iran lifeline to collect Hormuz tolls before pulling plug amid US warning
After briefly issuing a web security certificate for a portal linked to Iran's U.S.-sanctioned Persian Gulf Strait Authority, a Shanghai-based firm revoked it, though the move could still draw scrutiny under U.S. sanctions rules
China firm gave Iran lifeline to collect Hormuz tolls before pulling plug amid US warning - NEW YORK TIMES POST
NEWYou can now listen to Fox News articles! Iran’s sanctioned Persian Gulf Straits Authority (PGSA) regained secure online access for four days after a Shanghai-based internet security firm provided and then revoked its web credentials, enabling Tehran to vet vessels, collect Strait of Hormuz tolls and operate despite U.S. digital restrictions, global internet monitors said. [...]
U.S. Sanctions Crypto Exchange Tied to Iran’s Hormuz Transit Payments
The United States has sanctioned an Iranian cryptocurrency exchange that Treasury says was used to move payments collected from ships transiting the Strait of Hormuz into Iran’s financial system. The...
Cleveland Jewish News
Jewish News SyndicateUS sanctions Iranian crypto exchange for bitcoin transfers to Revolutionary Guards
“Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond” the reach of American sanctions, stated U.S. Treasury Secretary Scott Bessent.
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