US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Bitcoin Transfers

The US Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned Iranian crypto exchange BitBank, alleging that it facilitated hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC).

Babak Zanjani, an Iranian financier already under US sanctions, used BitBank between June and July to move funds to the IRGC, according to OFAC.

The action also targets Pishtaz Simorgh Electronic Trade Company, which developed the exchange's software, and three individuals tied to Zanjani's corporate network.

Treasury Secretary Scott Bessent warned that crypto-based financing is 'not beyond OFAC's reach,' and parties supporting the Iranian government could become sanctions targets.