Bitcoin Hits $80K+ as Crypto Exchange Gets Sanctioned for Strait of Hormuz Payments
Welcome back to another Coinigy news roundup, guys.
I get that your wallets are probably looking greener right now with Bitcoin going all the way up to the 80’s. For context, we all eulogized this same asset at $15K back in November 2022 when a certain Mr. Sam Bankman-Fried was doing his best "I have no idea what happened to your money" impression. Four years later, look at where we’re at. 😎
But as always with crypto, there’s always the good, the bad, and the beautiful. Can’t say which of the boxes this ticks, but an Iranian crypto exchange just got sanctioned by the US government after allegedly bankrolling military operations in the Strait of Hormuz. And in similar fashion, the UK just told every offshore crypto platform that if they're serving British users, then they are playing by British rules starting 2027. No exceptions.
Here are the highlights:
- Bitcoin shattered $80,000 after a $148 billion US liquidity shock failed to break markets
- US sanctions Iranian financier's crypto exchange, says it processes Hormuz payments
- FCA draws the UK boundary for offshore crypto platforms ahead of 2027 rules
- Hackers Infect 30,000 Devices, Drain $11 Million From Crypto Wallets
Bitcoin shattered $80,000 after a $148 billion US liquidity shock failed to break markets
Bitcoin climbed above $80,000 after a $148 billion US Treasury cash build failed to destabilize overnight funding markets. The Treasury General Account rose by $148.003 billion through Sept. 16 to $991.708 billion, Federal Reserve data showed, as tax payments shifted cash into the government’s account at the central bank. Deposits held by commercial banks at the Fed fell by $114.971 billion over the same period to $2.922 trillion, tightening the pool of reserves available to the financial system. The gap between the two moves shows the Treasury increase did not translate into a one-for-one reserve drain because other balance-sheet flows were also at work.
US sanctions Iranian financier's crypto exchange, says it processes Hormuz payments
LONDON Sept 17 (Reuters) - The United States announced sanctions on an Iranian cryptocurrency exchange controlled by sanctioned Iranian financier Babak Zanjani on Thursday, accusing it of processing payments for ships to transit safely through the Strait of Hormuz. Treasury said BitBank had routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps and described the exchange as a key component in Iran’s digital assets-based sanctions-evasion infrastructure. The exchange was used to transfer funds paid to Iran's newly established Hormuz Safe Marine Services Authority, Treasury said in a statement.
FCA draws the UK boundary for offshore crypto platforms ahead of 2027 rules
The UK Financial Conduct Authority says overseas crypto providers can fall inside the country's incoming authorization regime when they serve British consumers, even when the business is established abroad. A “UK consumer” for this purpose means an individual in the UK acting outside a trade, business or profession. The definition is a statutory territorial concept and can differ from client categories elsewhere in the FCA Handbook. The regulator published its final cryptoasset perimeter guidance on Sept. 16. It explains when firms carrying on the new regulated cryptoasset activities may need FCA authorization from Oct. 25, 2027.
Hackers Infect 30,000 Devices, Drain $11 Million From Crypto Wallets
A North Korea-backed hacking group infected more than 30,000 computers in over 100 countries. It also stole data from more than 7,000 crypto wallets, Japan’s National Police Agency and the FBI said Friday. Wallets the group controls received at least $10.71 million in digital assets between December 2025 and July 2026. The agencies call the group WaterPlum, also tracked as Contagious Interview. WaterPlum poses as a headhunter for artificial intelligence, cryptocurrency and non-fungible token firms. It approaches developers on social media, job boards and freelance marketplaces.
Other Highlights Worth Mentioning
French Crypto Worker Forced to Transfer €40,000 as Gang Ties Up Family – Be in Crypto
Hana Bank issues South Korea’s first digital bond using Euroclear’s blockchain – Coindesk
Hamas’ military wing told donors to avoid Binance. Use Bybit, OKX and others instead – Cryptonews
Crypto Exchange CoinEx Is Shutting Down After Nine Years, Giving Users Until December to Cash Out – Decrypt
COINIGY FACT OF THE DAY
On this day in 2021, crypto markets were hit by a major sell-off amid concerns surrounding Evergrande and broader global markets.
On this day, September 21, 2021, more than $1.2 billion worth of crypto futures positions were liquidated within 24 hours as Bitcoin and other digital assets were caught in a broader market sell-off. Bitcoin had fallen roughly 10% since the weekend as concerns over China's Evergrande debt crisis spilled into global markets. The episode showed just how tightly leveraged crypto markets had become—and how quickly a macroeconomic shock could cascade through crypto derivatives.
COINIGY MEME OF THE WEEK
