US Slaps Sanctions on Iranian Crypto Exchange BitBank
The US Treasury has sanctioned Iranian cryptocurrency exchange BitBank and related entities under Executive Order 13902 as part of Operation Economic Outcast. The move aims to target Iranian financial networks, specifically accusing BitBank of transferring hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC) between June and July.
BitBank, its developer Pishtaz Simorgh, and three associates linked to financier Babak Zanjani were designated under the executive order. The Treasury also linked BitBank to Hormuz Safe, an Iran-linked maritime payment operation.
The sanctions require US persons to block property linked to BitBank, while foreign entities face secondary sanctions risks. This move continues the US campaign against Iran's use of cryptocurrencies to evade sanctions.