USA Imposes Sanctions on Iranian Crypto Exchange BitBank

The U.S. Department of the Treasury has imposed sanctions on the Iranian cryptocurrency exchange BitBank, accusing it of circumventing the Western financial system. From June to July, hundreds of millions of dollars in Bitcoin were transferred through BitBank, allegedly destined for the Islamic Revolutionary Guard Corps. The Hormuz Safe Marine Services Authority utilized BitBank's services to charge fees for ships wishing to safely navigate through the Strait of Hormuz. This strait is a key route for global oil and gas trade, and in recent days, traffic in the area has significantly decreased. BitBank is linked to Babak Zanjani, who was previously sentenced to death for embezzlement but has returned to business. In addition to the exchange, the sanctions also targeted the company responsible for BitBank's software and three associates of Zanjani.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.