The US Treasury Department has sanctioned BitBank, an Iranian cryptocurrency exchange, for allegedly funneling hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC) and facilitating Iran's toll collection scheme in the Strait of Hormuz.
BitBank facilitated transactions that enabled Iran to charge commercial tankers between $1 million and $2 million to transit the strategically critical waterway, according to Treasury officials. The exchange allegedly processed funds destined for the IRGC, a designated terrorist organization under US law.
The sanctions represent an escalating effort by Washington to disrupt Iran's use of cryptocurrency for circumventing financial restrictions. Iran has increasingly turned to digital assets to evade traditional banking sanctions imposed over its nuclear program and regional activities.
The Treasury's Office of Foreign Assets Control (OFAC) added BitBank to its sanctions list, effectively prohibiting US persons and entities from conducting business with the platform. The action underscores growing concerns about cryptocurrency's role in facilitating illicit cross-border transactions and state-sponsored activities.
The Strait of Hormuz, through which roughly one-third of global seaborne oil passes, has become a flashpoint for US-Iran tensions, with Tehran periodically asserting control over maritime traffic in the region.
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The blockchain technology itself is ready for Wall Street, but tokenized markets still lack the trusted data infrastructure and risk controls necessary for mainstream adoption, according to Kaiko CEO Ambre Soubiran.
The UK Financial Conduct Authority, working with tax authorities and police, raided three illegal peer-to-peer cryptocurrency businesses. The action signals a shift away from the regulator's previously hands-off approach to crypto enforcement.
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