The U.S. Treasury sanctioned Iranian cryptocurrency exchange BitBank after the Office of Foreign Assets Control (OFAC) alleged that it processed Bitcoin transfers worth hundreds of millions of dollars for entities linked to Iranian financial networks. Treasury referenced Hormuz Safe in connection with the alleged payment flows and said the action was intended to disrupt Iran-linked financing routed through digital assets. Existing reporting said BitBank handled payments made by vessels under a Hormuz security insurance plan, with funds transferred to Iran’s Islamic Revolutionary Guard Corps by June, and that Babak Zanjani’s network used the exchange to move large Bitcoin volumes. Treasury Secretary Scott Bessent said Bitcoin payment channels remain subject to OFAC oversight. The designation blocks BitBank’s U.S.-connected assets and generally prohibits American persons from transacting with it. Regulated exchanges, custodians and payment processors must screen for the entity, freeze associated assets and report relevant activity. Treasury has not specified the exact transfer value, wallet addresses, timeframe or all counterparties, leaving the alleged on-chain activity unverified until further sanctions details are published.