US sanctions Iranian crypto exchange over alleged IRGC transfers

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The US Treasury Department has sanctioned Iranian crypto exchange BitBank over allegations that it helped transfer hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Office of Foreign Assets Control (OFAC) also sanctioned BitBank’s software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Iranian financier Babak Zanjani.

Treasury said Zanjani used BitBank to move the funds to the IRGC between June and July. The agency also alleged that the Hormuz Safe Marine Services Authority has used the exchange since June to make payments to the Iranian regime.

Zanjani was previously sanctioned by OFAC over an alleged network used to launder money and evade sanctions on Iran.