US Sanctions Iran's BitBank Cryptocurrency Exchange Over Evasion Concerns

The United States has imposed sanctions on Iran-based cryptocurrency exchange BitBank, accusing it of serving as a key financial hub controlled by sanctioned Iranian businessman Babak Zanjani.

According to the U.S. Treasury Department, BitBank is operated by Zanjani, who has long been accused by Washington of facilitating sanctions evasion through a network of companies involved in finance, trade, and digital assets.

The sanctions target not only BitBank but also Pishtaz Simorgh Electronic Trade Company, the software developer behind the platform, as well as three of Zanjani's close associates linked to his Dot One business group.