US Treasury Targets Crypto Exchange Over Iran Strait of Hormuz Bitcoin Tolls
ZeroHedge ·
The United States Department of the Treasury has officially sanctioned BitBank, an Iranian cryptocurrency exchange accused of processing Bitcoin toll payments for commercial vessels navigating the Strait of Hormuz. According to the Office of Foreign Assets Control, the Hormuz Safe Marine Services Authority utilized BitBank starting in June to route collected transit fees directly to the Iranian regime. Between June and July, the platform transferred hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps. BitBank is overseen by Babak Zanjani, an Iranian financier previously designated by OFAC who has promoted the platform on social media since 2024. Furthermore, the enforcement action targets software developer Pishtaz Simorgh Electronic Trade Company, a subsidiary of Dot One Value Creation Group, alongside three Dot One executives, including Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari, for their involvement in sanctions evasion schemes.
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The U.S. Treasury has designated related institutions and individuals, including the Iranian cryptocurrency exchange BitBank involved in collecting Hormuz Strait tolls, as sanctions targets. This measure aims to block the digital asset-based sanctions evasion infrastructure through which hundreds of millions of dollars in Bitcoin flowed to the Islamic Revolutionary Guard Corps. Investors should watch out for market volatility driven by tightening cryptocurrency regulations and heightened geopolitical risks.
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- Bitcoin — As the U.S. Treasury sanctioned the cryptocurrency exchange BitBank abused for Iran's sanctions evasion, short-term downward pressure has increased due to heightened money laundering and regulatory risks.
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With OFAC's sanctions on BitBank and others, hundreds of millions of dollars in illicit fund transfer routes have been blocked, increasing short-term uncertainty in capital inflows and outflows across the cryptocurrency market. In particular, as the digital asset infrastructure utilized as Iran's sanctions evasion tool takes a direct hit, regulatory pressure on the related blockchain ecosystem and crypto exchanges is expected to intensify further.
Future expansion of additional sanctions and compliance enhancement measures by global crypto exchanges will be key monitoring indicators. If trading volumes shrink due to tightened regulatory compliance, downward pressure on the crypto market may persist, whereas accelerated integration into the institutional framework could enhance long-term credibility.
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