The USA targeted the Iranian exchange BitBank. OFAC, alongside the company Pishtaz Simorgh. According to the U.S. Treasury: hundreds of millions of dollars in BTC were funneled to the IRGC. The action also mentions fees of $1 to $2 million per tanker for passage through the Strait of Hormuz, with profits routed through BitBank. Assets have been frozen. Secondary sanctions imposed. Engaging with the exchange risks cutoff from the U.S. dollar. OFAC did not publish specific cryptocurrency wallet addresses, making it difficult for compliance systems to track and block transactions linked to the exchange. Is this a gap in address disclosure—or a harder strike against the pipeline?
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