The US Treasury sanctions Iranian crypto exchange BitBank, saying it sent hundreds of millions to the IRGC and helped Iran operate a Strait of Hormuz toll booth (Shaurya Malwa/CoinDesk)

The U.S. Treasury has sanctioned the Iranian crypto exchange BitBank, alleging it transferred hundreds of millions of dollars to the Islamic Revolutionary Guard Corps and assisted Iran in operating a toll booth at the Strait of Hormuz. Iran has charged tankers between $1 million and $2 million for passage through the strait this year. The sanctions target BitBank’s financial support to the IRGC and its role in facilitating the toll-booth operations.