The U.S. Treasury has sanctioned BitBank, naming the Iranian exchange it says carried the Bitcoin that shipping companies paid for safe passage through the Strait of Hormuz.
So I guess Iran really was using bitcoin for tolls? I had my doubts.
Between June and July, Treasury says, BitBank was used to move "hundreds of millions of dollars' worth of Bitcoin" to the Islamic Revolutionary Guard Corps.
The Petrodollar Hegemony is dying.
Bitcoin is one of the best things that can replace it.
The CIA removed Irans democratically elected government in the 1950s and installed a puppet shah who enabled the US and British Oil Cos to pillage Irans oil wealth.
Ever since Iran has been fighting to regain and retain its sovereignty and right to self determination.
The Petrodollar Empire is a corrupt global mafia.
I mean, this is the kinda thing we always believed bitcoin was made for. So, good to know that bitcoin is working as intended.
Would love to hear a story about how the sanctions did nothing but force them to use P2P methods. That would be so cool!
A centralised exchange is not P2P... so if that was indeed the case, it still is not working as Bitcoin was intended... they still have time to do it right..
Necessity is the mother of invention
And here I thought the US was pro Bitcoin.
Only presidential meme coins are exempt.
Can't wait for AOC coin.
So you develop something, then you get paid, then someone uses it for a subjective not-good, then you get sanctioned. Good case for actually using Bitcoin too and not using shitcoins or fiat.
"I disapprove of what you accepted Bitcoin for, but I will defend to the death your right to accept it." -The Bitcoin Network
When OFAC sanctions an exchange or cluster, centralized platforms freeze accounts based on heuristic proximity, catching ordinary users whose coins have indirect hops to flagged addresses. Non-custodial coordinators solve this through pre-mix compliance screening: during initial registration, the coordinator verifies inputs against risk scoring APIs before issuing blind credentials. Ginger Wallet implements this filtering at the coordinator level specifically to keep the pool clean, ensuring honest participants don't receive outputs that trigger exchange freezes. Because WabiSabi uses cryptographic blind credentials, the coordinator verifies input eligibility without ever learning which participant receives which mixed output.