US Sanctions Iranian Crypto Firm Involved in Hormuz Transit Fees

The Donald Trump administration in the United States has sanctioned an Iranian cryptocurrency firm that processed payments related to vessel transits through the Strait of Hormuz.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on the 17th, local time, that it has designated Bitbank, a cryptocurrency firm led by sanctioned Iranian financier Babak Zanjani, as a target of sanctions.

The Treasury Department explained that Bitbank is a key component of Iran's digital asset-based sanctions evasion infrastructure, having transferred hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC).

According to the Treasury, Bitbank was used to channel funds to the Iranian regime that were paid to the newly established "Hormuz Safe Maritime Services Authority"—an entity created by Iran to provide insurance and security services to vessels passing through the Strait of Hormuz and to collect related fees.

This latest round of sanctions is part of the Trump administration's campaign to economically isolate Iran.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.