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OFAC Sanctions BitBank Over IRGC Crypto Ties, Hormuz Tolls

By Drooid · Oct 9, 2026, 3:02 PM UTC · How we work

Summary

Story summary

Iran is alleged to be collecting tolls from ships transiting the Strait of Hormuz.
U.S. military escorts and ship-to-ship transfers now dominate tanker movements through Hormuz.
The U.S. Treasury’s OFAC sanctioned Iranian crypto exchange BitBank for moving hundreds of millions of dollars to the IRGC.
Iran’s proposed tolls would conflict with UNCLOS transit-passage rights, which it signed in 1982 but never ratified.

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Story summary

Iran is alleged to be collecting tolls from ships transiting the Strait of Hormuz.
U.S. military escorts and ship-to-ship transfers now dominate tanker movements through Hormuz.
The U.S. Treasury’s OFAC sanctioned Iranian crypto exchange BitBank for moving hundreds of millions of dollars to the IRGC.
Iran’s proposed tolls would conflict with UNCLOS transit-passage rights, which it signed in 1982 but never ratified.