U.S. Sanctions Iranian Bitcoin Exchange BitBank Over Hormuz Toll Payments to IRGC

$1–2 million per ship — that's the toll Iran's Hormuz Safe Marine Services Authority has been charging tankers for passage through the Strait of Hormuz, and since June, the payments have been settling in bitcoin through Tehran-based exchange BitBank, according to U.S. Treasury allegations dropped Thursday.

Money Moves

• BitBank designated by OFAC — The U.S. Treasury sanctioned BitBank and its software developer Pishtaz Simorgh Electronic Trade...