US Sanctions Iranian Crypto Exchange BitBank Amid Crackdown on Tehran
The US Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, as part of its ongoing crackdown on Iran's financial networks. The Office of Foreign Assets Control (OFAC) accused BitBank of helping to move funds linked to Iran and alleged that the exchange was involved in transferring hundreds of millions of dollars' worth of Bitcoin to Iran's Islamic Revolutionary Guard Corps between June and July.
The sanctions also target BitBank's developer, Pishtaz Simorgh Electronic Trade Company, along with three executives linked to financier Babak Zanjani. OFAC described the group as part of Zanjani's digital asset network. Zanjani is already under US sanctions for embezzling millions of dollars from Iran's National Iranian Oil Company in 2016.
The Treasury used Executive Order 13902 to impose the sanctions, which gives the government powers to target parts of Iran's economy, including its digital asset sector. The action comes as part of Operation Economic Outcast, a campaign launched by the Treasury in August 2026 to restrict Iran's access to international financial channels.