US sanctions Iranian crypto exchange BitBank over Strait of Hormuz payment facilitation

The US Treasury Department has sanctioned the Iranian cryptocurrency exchange BitBank, alleging it is controlled by sanctioned financier Babak Zanjani. The exchange was reportedly used to facilitate payments for safe passage through the Strait of Hormuz and to transfer hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). This action is part of "Operation Economic Outcast," aimed at disrupting Iran's digital asset-based sanctions evasion networks. The US also sanctioned the exchange's software developer, Pishtaz Simorgh Electronic Trade Company, three of Zanjani's associates, and several affiliated entities including Zedcex and Zedxion.