The U.S. Treasury has imposed sanctions on BitBank, an exchange located in Tehran. According to the U.S., this exchange transferred substantial amounts of bitcoin, totaling hundreds of millions of dollars, to the Revolutionary Guards. This action targets alleged financial support for the Revolutionary Guards through cryptocurrency transactions.
Beyond moving funds, BitBank also processed payments from ships seeking passage through the Strait of Hormuz. This strait is recognized as the world’s most critical oil chokepoint. The payments collected from these vessels for transit were reportedly handled by the sanctioned exchange, linking it to access through this vital global shipping lane.