US Sanctions Iranian Crypto CEX BitBank, Alleging It Processed Payments for "Hormuz Transit Fees"

BlockBeats news, September 18, according to Reuters, the U.S. Department of the Treasury announced sanctions on the cryptocurrency CEX BitBank, controlled by Iranian financier Babak Zanjani, accusing it of processing payments for the safe passage of ships through the Strait of Hormuz and transferring hundreds of millions of dollars to Iran's Islamic Revolutionary Guard Corps.

BitBank's software developer and three individuals associated with Babak Zanjani were also added to the sanctions list. The U.S. Department of the Treasury stated that the exchange is a key piece of infrastructure used by Iran to evade sanctions using digital assets.