US Treasury Department sanctions Iranian exchange BitBank for transferring billions of dollars in Bitcoin to Islamic Revolutionary Guard Corps

The US Treasury Department's OFAC sanctions the Tehran cryptocurrency exchange BitBank, accusing it of transferring billions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps. BitBank is controlled by Babak Zanjani, who used the platform to complete transfers between June and July. The sanctions cover three executives of BitBank software developer Pishtaz Simorgh and its parent company Dot One. Finance Minister Besant stated that using cryptocurrency to finance the regime is not beyond the reach of OFAC. Hormuz Safe, a Tehran based institution, has been receiving payments through BitBank since June and was sanctioned in July. OFAC has not disclosed the relevant wallet address. (Source: Unchained)