US Sanctions Iranian Crypto Exchange BitBank Over Alleged IRGC Ties

The US Treasury Department has imposed sanctions on an Iranian cryptocurrency exchange called BitBank and its developer, Pishtaz Simorgh Electronic Trade Company. The action targets a network linked to businessman Babak Zanjani, who allegedly used BitBank between June and July to facilitate transfers of hundreds of millions of dollars' worth of Bitcoin to the IRGC.

The Treasury Department said that Zanjani promoted BitBank on his social media accounts since at least 2024 and listed the exchange as a partner. Pishtaz Simorgh, which developed BitBank's digital assets software, is a subsidiary of the already sanctioned Dot One Value Creation Group, according to the Treasury.

The three individuals designated by the Treasury are Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The US Department of State has also urged governments and private companies to guard against Iranian use of their platforms, warning that international exchanges have provided Iran with access to the international financial system.