The United States Treasury has imposed sanctions on BitBank, identifying it as an Iranian exchange. This measure follows an investigation into the company's financial operations and its alleged involvement in illicit transactions. The US government claims that BitBank actively processed financial payments that originated from Iran's Strait of Hormuz maritime scheme, which is a key reason for the new designation.
The Treasury Department further detailed that BitBank played a significant role in transferring substantial digital currency. The exchange is specifically accused of facilitating the movement of hundreds of millions of dollars in Bitcoin. These considerable funds were reportedly transferred directly to the Islamic Revolutionary Guard Corps, an entity already subject to various international restrictions. The sanctions are intended to disrupt the flow of these funds and curtail the financial support for the IRGC's operations.