Listed on Sanctions: Iranian Crypto Exchange BitBank Alleged to Be Used for Strait of Hormuz Transit Payments and to Have Transferred Hundreds of Millions of Dollars to the IRGC

Odaily reports that the U.S. Department of the Treasury has announced the addition of Iranian cryptocurrency exchange BitBank to its sanctions list, stating that it is controlled by already-sanctioned Iranian financier Babak Zanjani and was used to pay for the safe transit of vessels through the Strait of Hormuz and to transfer hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). This action is part of the United States' "Operation Economic Outcast" initiative, aimed at dismantling Iran's digital asset-based sanctions evasion networks.