OFAC Hits Tehran-Based Crypto Exchange BitBank with Sanctions
OFAC has designated Tehran-based cryptocurrency exchange BitBank under Executive Order 13902 for allegedly moving hundreds of millions of dollars in Bitcoin to Iran's IRGC between June and July. The action also covers Pishtaz Simorgh Electronic Trade Company, which built BitBank's software, along with three Dot One executives.
Treasury Secretary Scott Bessent stated that efforts to fund the Iranian regime with cryptocurrency are 'not beyond OFAC's reach.' Since June, Hormuz Safe Marine Services Authority has used BitBank to pass collections on to regime entities. The Hormuz platform surfaced publicly in May and targeted $10 billion in revenue from bitcoin-settled maritime insurance.
Thursday's designations fall under Operation Economic Outcast, a campaign announced by Bessent on August 24 as a continuation of Economic Fury. Under Economic Fury, OFAC sanctioned Nobitex and three other Iranian exchanges in June and added Shelbit and Aban Tether in August.