US Sanctions Iranian Crypto Exchange BitBank

VERA Brief

AI-generated. Grounded in the article and its cited sources.

The U.S. Treasury has sanctioned BitBank, an Iranian cryptocurrency exchange. This action alleges BitBank was used by the Hormuz Safe platform to facilitate bitcoin transfers to Iran's Islamic Revolutionary Guard Corps (IRGC).

Key facts

• The U.S. Treasury has sanctioned BitBank, an Iranian cryptocurrency exchange.
• The Treasury stated that the previously sanctioned Hormuz Safe platform utilized BitBank for alleged transfers.
• These alleged transfers began in June.
• The IRGC is designated as a foreign terrorist organization by the United States.
• The action highlights scrutiny of cryptocurrency platforms in sanctioned jurisdictions.