US Treasury Department sanctions BitBank, accusing it of assisting in the transfer of $100 million worth of Bitcoin

The US Treasury Department has sanctioned Iran's BitBank, accusing the exchange of handling Bitcoin payments for ships under the Hormuz security insurance program and assisting the Islamic Revolutionary Guard Corps in transferring $100 million in Bitcoin. The Office of Foreign Assets Control in the United States stated that Babak Zanjani's network had used BitBank to transfer funds, and US Treasury Secretary Scott Bessent stated that Bitcoin payment channels are regulated by the Office of Foreign Assets Control in the United States. (Source: Bitcoin News)