US Sanctions BitBank for Allegedly Funneling Hundreds of Millions in Bitcoin to IRGC

The US Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, for allegedly helping to channel hundreds of millions of dollars' worth of Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

According to the US Treasury, between June and July, BitBank's developer, Pishtaz Simorgh Electronics, assisted in moving hundreds of millions of dollars' worth of Bitcoin to the IRGC as part of an effort to evade US sanctions.

The US Department of the Treasury claims that Zanjani promoted BitBank through his social media accounts at least since 2024 and referred to it as a partner in his network used to evade sanctions. The US Treasury also sanctioned three people associated with Iranian financier Babak Zanjani, who allegedly used BitBank to launder funds.

US Treasury Secretary Scott Bessent stated that 'Today's designation of Iran's digital asset infrastructure makes clear that efforts to fund the Iranian regime using cryptocurrencies are not beyond OFAC's reach.'