U.S. Department of the Treasury: Sanctions Iran; BitBank claims it assisted in transferring hundreds of millions of dollars in Bitcoin

Bitcoin News posted on platform X stating that the U.S. Treasury has sanctioned Iran's BitBank, claiming that the exchange processed Bitcoin payments made by vessels under the Hormuz Security Insurance Program.

The U.S. Office of Foreign Assets Control stated that as of June, these funds had been transferred to the Iranian Islamic Revolutionary Guard Corps; Babak Zanjani's network had used the exchange to transfer hundreds of millions of dollars in Bitcoin. U.S. Treasury Secretary Scott Bessent stated that Bitcoin payment channels are not exempt from regulation by the U.S. Office of Foreign Assets Control.