U.S. Targets Iranian Crypto Exchange in Sanctions Crackdown
Treasury said BitBank routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps through Iran's Hormuz Safe maritime-insurance payments.
- 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.
21 Articles
21 Articles
U.S. Targets Iranian Crypto Exchange in Sanctions Crackdown
The United States has sanctioned an Iranian cryptocurrency exchange, BitBank, linked to financier Babak Zanjani for aiding sanctions evasion. BitBank has allegedly funneled funds to Iran's Islamic Revolutionary Guard Corps. The U.S. aims to economically isolate Iran by disrupting financial and logistical networks, part of its 'Operation Economic Outcast'.
The United States announced on Thursday (17) sanctions against BitBank, an Iranian cryptocurrency broker controlled by the tycoon Babak Zanjani, already targeted by other punishments. The U.S. government accuses the platform of processing payments for ships to safely transit through the Strait of Ormuz. The U.S. Treasury Department stated that BitBank has moved hundreds of millions of dollars to the Islamic Revolutionary Guard Corps and describe…
The U.S. Treasury Department has imposed restrictions on the Iranian BitBank Kryptobirge, controlled by a large Iranian businessman, Babak Zanjani. According to the U.S. Agency, the site is under the control of the Iranian businessman Zanjani, who is considered to be one of the richest people in the country, has handed over TASS. The businessman was already on US sanctions lists. In addition, the Pishtaz Simorgh Electronic Trade Company and the …
The U.S. authorities have imposed sanctions on Iran's BitBank crypto exchange, reporting on Thursday to the United States Ministry of Finance.
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