US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Ties
The US Treasury has sanctioned Iranian crypto exchange BitBank, alleging that it was used to move hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) and process payments collected through Iran's Strait of Hormuz maritime system.
The action is part of Operation Economic Outcast, a broader campaign against financial channels used by Iran. BitBank is described as a digital-asset venture controlled by financier Babak Zanjani, who was already subject to US sanctions.
Treasury alleges that Zanjani used BitBank between June and July 2026 to facilitate the transfer of hundreds of millions of dollars worth of Bitcoin to the IRGC. The exchange was also connected to Hormuz Safe Marine Services Authority, which has been sanctioned by OFAC since July 29, 2026.
The designation targets not only BitBank itself but also its software developer, Pishtaz Simorgh Electronic Trade Company, and three senior figures connected with Zanjani's Dot One network. This marks an expansion of the investigation into the wider corporate and payments network.