US Sanctions Iranian Exchange BitBank Over IRGC Bitcoin Transfers

The US Treasury Department has imposed sanctions on BitBank, an Iranian cryptocurrency exchange, for facilitating transactions between the exchange and Iran's Islamic Revolutionary Guards Corps (IRGC). According to the Treasury, BitBank moved hundreds of millions of dollars in Bitcoin to the IRGC between June and July. This action falls under Executive Order 13902, which targets Iran's digital asset sector.

The sanctions also cover Pishtaz Simorgh Electronic Trade Company, which built BitBank's software, as well as three executives from Dot One Value Creation Group: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The Treasury said that Babak Zanjani used BitBank to facilitate these transactions.

The move is part of Operation Economic Outcast, a campaign launched by the US to target Iran's economic activities. The Treasury has previously sanctioned other Iranian exchanges, including Nobitex and Shelbit, under this operation.