US Treasury Cracks Down on Iranian Crypto Activities

Treasury Secretary Scott Bessent announced that efforts to finance Iran's regime using cryptocurrencies are not beyond the reach of the Office of Foreign Assets Control (OFAC).

The statement came as part of a broader push against Iranian crypto activities, with OFAC sanctioning BitBank, a digital asset exchange controlled by Iranian financier Babak Zanjani. The sanctions also targeted Zanjani's developer, Pishtaz Simorgh Electronic Trade Company, and three of his associates.

The designation is part of 'Operation Economic Outcast,' Treasury's campaign launched in August to isolate Iran economically and disrupt its global financial networks. The Treasury said Zanjani used BitBank between June and July to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps.