Commodities
US Targets Iranian Digital Asset Exchange for Sanctions Evasion
The U.S. Treasury has taken action against an Iranian digital asset exchange that enabled money laundering and sanctions evasion for the country's regime.
On September 17, the Office of Foreign Assets Control (OFAC) designated BitBank, a priority digital assets venture controlled by Babak Zanjani, as part of Operation Economic Outcast.
The operation is aimed at severing the remaining economic lifelines that sustain the Iranian regime. Treasury has mapped networks and financial channels used by Iran to smuggle oil, evade sanctions, and fund terror.
Zanjani's sentence was commuted in 2024 after being sentenced to death in 2016 for embezzling millions from the OFAC-designated National Iranian Oil Company.