US Sanctions BitBank Over Alleged Bitcoin Transfers to IRGC
The U.S. Treasury has imposed sanctions on Iranian crypto exchange BitBank and its developer, Pishtaz Simorgh Electronic Trade Company, over allegations that they helped transfer hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC). The transfers allegedly took place between June and July.
The Treasury alleges that financier Babak Zanjani used BitBank to move the funds as part of a network linked to his sanctions-evasion operations. Zanjani has been tied to digital asset businesses for months, with previous actions by OFAC targeting exchanges and wallet networks that officials say provide Iran with access to international crypto markets despite financial restrictions.
The designation is part of Operation Economic Outcast, the Treasury's current campaign targeting Iranian financial networks and sanctions evasion. The action extends a series of U.S. sanctions against Iranian crypto platforms during 2026.