Key facts
- The U.S. Treasury Department has sanctioned BitBank, an Iranian cryptocurrency exchange.
- BitBank is accused of facilitating Bitcoin transfers to Iran's Islamic Revolutionary Guard Corps (IRGC).
- The sanctions aim to disrupt Iran's ability to use cryptocurrency to evade U.S. sanctions.
The U.S. Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, alleging that the platform facilitated Bitcoin transfers to Iran's Islamic Revolutionary Guard Corps (IRGC). This action is part of broader efforts by the U.S. to curb Iran's use of digital assets to circumvent international sanctions and fund its military operations.
The Treasury Department's Office of Foreign Assets Control (OFAC) designated BitBank, identifying it as a key entity in the illicit cryptocurrency ecosystem. The sanctions aim to disrupt the financial networks that support the IRGC, a designated foreign terrorist organization.