US Sanctions Iranian Crypto Exchange and Software Developer Over Alleged IRGC Bitcoin Transfers
The US Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned Iranian crypto exchange BitBank, along with its software developer Pishtaz Simorgh Electronic Trade Company and three individuals tied to Babak Zanjani's corporate network. The sanctions come as part of the 'Operation Economic Outcast' campaign aimed at cutting Iran off from financial channels used for oil revenue, evading sanctions, and funding the IRGC.
The Treasury Department alleges that between June and July, BitBank facilitated hundreds of millions of dollars in Bitcoin transfers to the IRGC through Iranian financier Babak Zanjani. This is not an isolated incident, as OFAC has already sanctioned several other Iranian crypto platforms, including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit, and Aban Tether.
The designations show that Washington increasingly views Iranian crypto venues as interconnected financing networks rather than isolated trading businesses. The Treasury Department's move also targets the developers, executives, and corporate infrastructure behind these exchanges, including Pishtaz Simorgh Electronic Trade Company and its subsidiary Dot One Value Creation Group.