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A sanctioned platform continued moving payments by routing them through a second exchange.
Treasury has designated BitBank, an Iranian cryptocurrency exchange, for allegedly routing bitcoin ($BTC) to Iran's Islamic Revolutionary Guard Corps.
Hormuz Safe, the platform Treasury says used BitBank to move those funds, was already under sanctions when the transfers took place. Treasury said Hormuz Safe used BitBank to transfer payments collected since June.
One prior designation wasn't enough. The read-through is that a sanctioned network kept moving money by building a secondary rail, and that rail ran for some period before the next enforcement cycle closed it.
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