According to CoinMeta, the U.S. Treasury Department announced sanctions against an Iranian cryptocurrency exchange, BitBank, accusing it of processing Bitcoin transfers related to the Islamic Revolutionary Guard of Iran (IRGC). The Treasury Department stated that BitBank was involved in maritime operations through the Strait of Hormuz, helping to transfer hundreds of millions of dollars in Bitcoin to IRGC. This sanction is part of the United States' efforts to further isolate Iran's financial system and targets BitBank as well as its developer, Pishtaz Simorgh Electronic Trade Company.