US Sanctions BitBank Over Alleged Bitcoin Transfers to Revolutionary Guard
The US Treasury Department has imposed sanctions on Iranian crypto exchange BitBank for allegedly facilitating the transfer of hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).
The alleged transfers took place during the June-July period, with BitBank being used as a 'priority digital asset venture' controlled by sanctioned financier Babak Zanjani.
The Treasury also blacklisted BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, and three individuals linked to Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
This move is part of the US's ongoing sanctions campaign against Iran-linked crypto platforms, known as Operation Economic Outcast. In recent months, several Iranian exchanges have been targeted, including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit, and Aban Tether.