US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Bitcoin Transfers
The US has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, and its software developer, Pishtaz Simorgh Electronic Trade Company. The move is part of a wider campaign to cut Iran off from financial channels used to evade sanctions and fund the IRGC (Islamic Revolutionary Guard Corps).
The Treasury Department's Office of Foreign Assets Control (OFAC) accused BitBank of facilitating hundreds of millions of dollars in Bitcoin transfers to the IRGC between June and July. The exchange was allegedly used by Babak Zanjani, a sanctioned Iranian financier.
Treasury also targeted Hormuz Safe Marine Services Authority, which had been previously sanctioned for an alleged maritime-payment scheme in the Strait of Hormuz. The authority used BitBank to move receipts to the Iranian government since June.
The sanctions extend beyond BitBank and Pishtaz Simorgh, with three individuals tied to Zanjani's broader corporate network also being targeted. OFAC described the group as part of Iran's digital-asset sanctions-evasion infrastructure.