The US Treasury Department has slapped sanctions on Iranian crypto exchange BitBank. According to officials, the platform handled Bitcoin payments tied to the so-called 'Hormuz Safe' and moved hundreds of millions of dollars in BTC to benefit the IRGC.

What happened

The US imposed restrictions on BitBank, an Iran-based crypto exchange. In its official statement, the Treasury said the exchange processed 'Hormuz Safe' Bitcoin (BTC) payments and played a role in transferring major funds to entities flagged as part of the IRGC.

Details of the Treasury's allegations

The US agency claims these transactions were linked to an Iranian maritime scheme in the Strait of Hormuz. BitBank allegedly processed these transfers, helping move hundreds of millions of dollars in Bitcoin to the IRGC. These statements reflect the Treasury's view of the exchange's role and the nature of the payments labeled as 'Hormuz Safe.'