U.S. Treasury sanctions BitBank over alleged Bitcoin transfers tied to IRGC

The U.S. Treasury has sanctioned Iranian crypto exchange BitBank for allegedly transferring hundreds of millions of dollars in $BTC connected to the IRGC.
According to the Treasury, BitBank processed payments associated with Iran's Hormuz Safe Marine Services Authority and is controlled by sanctioned financier Babak Zanjani. The department says the relevant funds were moved between June and July.
The action highlights the growing use of blockchain tracing and sanctions authorities against crypto entities accused of facilitating restricted financial activity.