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 on Thursday announced sanctions against an Iranian cryptocurrency exchange, BitBank, alleging its involvement in facilitating payments for safe passage of ships through the Strait of Hormuz. The exchange is tied to Babak Zanjani, a prominent figure in Iran's sanction-evasion networks.

According to the U.S. Treasury, BitBank has routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps. Described as a crucial part of Iran's sanctions-evasion infrastructure using digital assets, it transferred funds to Iran's Hormuz Safe Marine Services Authority.

This move is part of Treasury's 'Operation Economic Outcast', aimed at isolating Iran economically by targeting its illicit financial, commercial, and logistical networks. Concurrently, the U.S. imposed sanctions on Pishtaz Simorgh Electronic Trade Company, BitBank's software developer, and three of Zanjani's associates.