US Blacklists Bitbank Over Hundreds of Millions in Bitcoin Transfers

Crypto Insight Summary: The United States blacklisted Iranian crypto exchange Bitbank and its software developer over alleged sanctions-evasion activity. Treasury says financier Babak Zanjani used the platform to move hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps (IRGC), an elite branch of Iran’s armed forces. Treasury Blocks Bitbank and Its Developer Companies handling […] Crypto Insight Analysis: Direction: Bearish BTC Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: US sanctions on Bitbank may cause short-term BTC sell pressure due to regulatory concerns.