BREAKING 🚨
The U.S. Treasury has placed sanctions on BitBank, a Tehran‑based cryptocurrency exchange, for allegedly funneling hundreds of millions of dollars in Bitcoin to Iran’s Revolutionary Guard Corps via the Strait of Hormuz toll system. 🔥
According to Treasury officials, the exchange acted as a financial conduit for payments collected from vessels paying passage fees at the most critical oil chokepoint. The funds were then converted into Bitcoin and transferred to wallets linked to the IRGC, bypassing banking sanctions. This marks the first known instance of a digital‑asset platform being used to support Iran’s naval revenue stream. U.S. officials warn the move could destabilize global shipping rates and invite tighter regulatory scrutiny of crypto services operating in sanctioned jurisdictions. The action also signals heightened enforcement as Washington intensifies pressure on Iran’s illicit financing networks.
BitBank now faces asset freezes and a prohibition on U.S. persons conducting business with the platform. ⚡
$ONE, $G, $ONE
The U.S. Treasury has placed sanctions on BitBank, a Tehran‑based cryptocurrency exchange, for allegedly funneling hundreds of millions of dollars in Bitcoin to Iran’s Revolutionary Guard Corps via the Strait of Hormuz toll system. 🔥
According to Treasury officials, the exchange acted as a financial conduit for payments collected from vessels paying passage fees at the most critical oil chokepoint. The funds were then converted into Bitcoin and transferred to wallets linked to the IRGC, bypassing banking sanctions. This marks the first known instance of a digital‑asset platform being used to support Iran’s naval revenue stream. U.S. officials warn the move could destabilize global shipping rates and invite tighter regulatory scrutiny of crypto services operating in sanctioned jurisdictions. The action also signals heightened enforcement as Washington intensifies pressure on Iran’s illicit financing networks.
BitBank now faces asset freezes and a prohibition on U.S. persons conducting business with the platform. ⚡
$ONE, $G, $ONE
