Iran's Strait of Hormuz tolls move through bitcoin since June

Iran has charged tankers between $1 million and $2 million to cross the Strait of Hormuz this year. The U.S. Treasury said part of those charges moved through BitBank since June. BitBank is a Tehran cryptocurrency exchange established in 2024. The Office of Foreign Assets Control designated BitBank in a Thursday release. OFAC also designated Pishtaz Simorgh Electronic Trade Company. Pishtaz Simorgh built BitBank's software. The sanctions freeze BitBank's property under U.S. jurisdiction. The sanctions also threaten foreign institutions that process BitBank transactions with exclusion from the U.S. financial system. Treasury did not identify any cryptocurrency wallet addresses. OFAC alleged that BitBank moved hundreds of millions of dollars in bitcoin to Iran's Islamic Revolutionary Guard Corps. The Revolutionary Guard controls much of Iran's economy and is designated as a terrorist organization by the United States. Hormuz Safe Marine Services Authority began using BitBank during the same period. Tehran uses the authority to sell ships "safe passage" insurance. The authority was sanctioned on July 29. It used BitBank to pass its collections to regime entities.