Key Takeaways
Bitcoin Magazine reports the U.S. Treasury sanctioned Iranian crypto exchange BitBank for bitcoin transfers.
According to Bitcoin Magazine, the U.S. Department of the Treasury designated BitBank, an Iranian cryptocurrency exchange, under Operation Economic Outcast. The Treasury stated that Iran has increasingly utilized cryptocurrencies, specifically bitcoin, to navigate economic penalties. Secretary of the Treasury Scott Bessent indicated that financing the Iranian regime via cryptocurrencies remains within the reach of OFAC.
In addition to BitBank, the sanctions target Iranian financier Babak Zanjani, software developer Pishtaz Simorgh Electronic Trade Company, and three associates: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The Treasury reported that the Iranian Hormuz Safe Marine Services Authority utilized BitBank to move bitcoin to the regime since June. The actions aim to dismantle the money laundering architecture attributed to Zanjani.
Previously, the U.S. froze crypto linked to Iran in July, primarily in Tether's stablecoin, noting that stablecoins can be frozen by their issuing companies whereas decentralized bitcoin cannot. OFAC previously stated that Iran bypassed sanctions by accepting bitcoin payments from ships transiting the Strait of Hormuz through Hormuz Safe.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
