US Treasury Sanctions Iran's BitBank, Alleging It Helped Move Hundreds of Millions of Dollars in Bitcoin

According to Bitcoin News on X, the U.S. Treasury Department has sanctioned Iran's BitBank, alleging that the exchange processed Bitcoin payments made by ships under the Hormuz safety insurance scheme. The Office of Foreign Assets Control (OFAC) stated that, as of June, these payments had been transferred to Iran's Islamic Revolutionary Guard Corps; Babak Zanjani's network had used the exchange to move hundreds of millions of dollars in Bitcoin. U.S. Treasury Secretary Scott Bessent said that Bitcoin payment channels are not exempt from OFAC oversight.