The United States has imposed sanctions on the Iranian cryptocurrency exchange BitBank, which is controlled by sanctioned Iranian financier Babak Zanjani. The US Treasury Department said the platform was used to process payments related to the safe passage of vessels through the Strait of Hormuz.

US Treasury accusations

As the Jerusalem Post reports, the US agency claims that BitBank transferred hundreds of millions of dollars to the Islamic Revolutionary Guard Corps. The US Treasury called the exchange a key component of Iran’s sanctions-evasion infrastructure using digital assets.

According to the agency, BitBank was also used to…