US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Bitcoin Transfers
The US Treasury has sanctioned Tehran-based cryptocurrency exchange BitBank for allegedly facilitating hundreds of millions of dollars in Bitcoin transfers to the Iranian Revolutionary Guard Corps (IRGC) between June and July.
According to the Treasury, financier Babak Zanjani used BitBank to move the funds through the exchange, which was established in 2024. The Treasury also designated Pishtaz Simorgh Electronic Trade Company, the software developer of BitBank, along with three associates linked to Zanjani's network.
The designations fall under Executive Order 13902, which targets Iran's financial sector and exposes foreign institutions dealing with the designees to secondary sanctions. Treasury Secretary Scott Bessent stated that 'Today's designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach.'