US sanctions Iranian financier's crypto exchange, says it processes Hormuz payments

The United States has imposed sanctions on BitBank, a cryptocurrency exchange linked to an Iranian financier, over allegations that it processed payments through the Strait of Hormuz.

According to the U.S. Treasury Department, the exchange routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). Officials described BitBank as a critical component of Iran's digital assets-based sanctions-evasion infrastructure.