💸 Hormuz Bitcoin tolls — Treasury sanctioned the cashier

Quick context: since June, ships have been paying Iran in Bitcoin for passage through the Strait of Hormuz, a route carrying a fifth of the world's oil. Treasury sanctioned the tolling scheme in July — today it went after the exchange that moved the money.

OFAC designated BitBank, through which "hundreds of millions in Bitcoin" flowed to the IRGC between June and July, per Treasury. Its owner, Babak Zanjani, was sentenced to death in Iran in 2016 for embezzlement, pardoned in 2024, and immediately resurfaced in regime-linked ventures. Four more entities from his network were designated alongside him.

The toll scheme lasted under two months. Funny how fast geopolitics moves when there's a blockchain receipt.

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