US Slaps Sanctions on Iranian Crypto Exchange BitBank Amid Economic Isolation Efforts
The US Treasury Department has imposed sanctions on Iranian cryptocurrency exchange BitBank and its affiliated entities. The move is part of 'Operation Economic Outcast,' aimed at isolating Iran economically and disrupting its global financial networks.
BitBank was accused of processing payments for ships transiting through the Strait of Hormuz, transferring hundreds of millions of dollars to the Islamic Revolutionary Guard Corps (IRGC). The exchange is described as a central element in Iran's digital assets-based sanctions-evasion infrastructure.
Babak Zanjani, an Iranian financier, controls BitBank. He has been involved in sanctions-evasion networks for years and was sentenced to death in 2016 for embezzlement. His sentence was reduced in 2024, and he returned as a supporter of Iranian government economic projects.
The US also sanctioned Pishtaz Simorgh Electronic Trade Company, the software developer behind BitBank, and three close associates of Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.