US Sanctions BitBank and Developer Over Alleged IRGC Bitcoin Transfers

The US Treasury Department has sanctioned BitBank, an Iranian cryptocurrency exchange and its developer, Pishtaz Simorgh Electronic Trade Company. The move is part of a broader campaign targeting Iran's alleged sanctions-evasion activities.

The department alleges that BitBank helped transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) in June and July. This was done through a network allegedly controlled by Iranian businessman Babak Zanjani, who has been sanctioned before.

The US Treasury identified several individuals connected to the alleged network, including Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The latter is described as a vice chairman of Dot One's board.