[U.S. Sanctions Iranian Crypto Exchange BitBank, Alleging Use for Hormuz Strait Passage Payments] According to Reuters, the U.S. Treasury Department announced the addition of Iranian cryptocurrency exchange BitBank to its sanctions list, claiming it is controlled by already-sanctioned Iranian financier Babak Zanjani. The exchange is allegedly used to pay fees for the safe passage of ships through the Hormuz Strait and to transfer hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). This action is part of the U.S. 'Operation Economic Outcast' initiative, aimed at targeting Iran's sanctions evasion network based on digital assets.