US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Transfers

The US Treasury Department has sanctioned Iranian crypto exchange BitBank for allegedly facilitating hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC) between June and July. The action is part of a broader campaign against Iran's sanctions evasion infrastructure, known as Operation Economic Outcast.

BitBank was described by the Treasury Department as a subsidiary of Dot One Value Creation Group, a network that has been previously designated for its connections to Zanjani's financial network. Three associates of Iranian financier Babak Zanjani were also sanctioned: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.

The Treasury Department alleges that Zanjani used BitBank to move hundreds of millions of dollars in Bitcoin to the IRGC. This is not the first time Zanjani has been involved in sanctions evasion; he was previously convicted of embezzlement in 2016 and sentenced to death, but continued to operate sanctions evasion networks.