US Sanctions Iranian Crypto Exchange BitBank Over Alleged Ties to Revolutionary Guards

The United States has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, over allegations that it facilitated financial transfers linked to Iran's Islamic Revolutionary Guard Corps (IRGC), according to Anadolu Agency.

The sanctions, announced by Washington, target BitBank along with its developer and three associates, who US authorities accuse of engaging in sanctions evasion and money laundering schemes.

According to the report, the designations are part of broader US efforts to restrict financial channels that Washington says have been used to move funds connected to Iran's military and security apparatus, including the IRGC, which the United States has previously designated as a source of regional instability.

Details on the specific mechanisms of the alleged transfers, the identities of the sanctioned individuals, and the scale of funds involved were not immediately disclosed in the available report.

The action adds BitBank and the named individuals to the US sanctions list, a designation that typically blocks their access to US financial systems and prohibits American citizens and entities from conducting business with them.

Anadolu Agency did not provide further comment from BitBank or Iranian officials in response to the sanctions at the time of reporting.