Bitbank | Crypto

US Treasury says the Iranian exchange processed payments received through Iran’s Strait of Hormuz maritime scheme and helped move hundreds of millions of dollars in Bitcoin to the IRGC. US authorities on Thursday announced sanctions against Iranian crypto exchange BitBank, accusing it of processing Bitcoin paid by ships transiting the Strait of Hormuz. The US Department of the Treasury’s Office of Foreign Assets Control said that as of June, the Hormuz Safe Marine Services Authority used BitBank to transfer payments it received to the Islamic Revolutionary Guard Corps. The Treasury alleged it is part of the architecture used by Iranian financier Babak Zanjani to move hundreds of millions of dollars in Bitcoin to the IRGC. Treasury has previously alleged Hormuz Safe is part of an IRGC-backed scheme forcing vessels to buy maritime insurance for passage, including coverage against seizures by Iran itself. Read more

The investment bank said the purchase of Japanese crypto exchange Bitbank is a bet on regulated scale as sweeping reforms reshape the country's digital asset market.

The Japanese financial conglomerate plans to take full control of Bitbank as it expands an ecosystem spanning crypto trading, stablecoins, tokenization and blockchain infrastructure. Japan’s SBI Holdings has signed agreements to acquire full control of crypto exchange Bitbank through a 46.7 billion Japanese yen ($289 million) transaction, advancing a deal first disclosed in May that would create the country's biggest crypto exchange. On Thursday, SBI said that its wholly owned subsidiary SBICAH will acquire shares from Bitbank CEO Noriyuki Hirosue and other shareholders before subscribing to a third-party share allotment. The exchange will then buy back shares held by MIXI and Ceres, leaving SBI with 100% indirect ownership. SBI expects the transaction to close around October, subject to regulatory clearance. The acquisition would expand SBI’s regulated crypto exchange footprint and customer base, giving it another potential distribution channel for the stablecoins, tokenized assets and onchain financial prod...

Japanese crypto exchange Bitbank warns users of possible account suspensions for Polymarket-linked transactions, citing Japan’s gambling laws. Bitbank, one of Japan’s largest cryptocurrency exchanges, warned users that transactions linked to prediction market platforms such as Polymarket could result in account suspensions due to potential conflicts with the country's gambling laws. In a notice published on Monday, Bitbank said it may restrict accounts making deposits or withdrawals connected to prediction market services. The warning highlights the regulatory uncertainty surrounding prediction markets in Japan, where local gambling laws may complicate Polymarket's previously stated interest in expanding into the country. Read more

SBI Holdings is in discussions to make Bitbank a subsidiary, adding to its push to acquire crypto exchanges amid improving regulatory clarity in Japan. Tokyo-based SBI Holdings has opened talks to acquire shares in cryptocurrency exchange Bitbank and make it a consolidated subsidiary, extending its push to consolidate regulated crypto trading platforms in Japan as the country moves toward securities-style rules for digital assets. The financial conglomerate said Friday it is considering a share acquisition as part of a potential capital and business alliance with Bitbank. The deal remains subject to due diligence, negotiations and internal approvals, SBI said. The talks come a month after SBI VC Trade absorbed Bitpoint Japan on April 1, with SBI VC Trade becoming the surviving company. A Bitbank acquisition would give SBI a larger position in Japan’s crypto exchange market at a time when policymakers are preparing to bring crypto assets under the Financial Instruments and Exchange Act. Read more