US Treasury Sanctions BitBank Over Alleged Iran-Linked Crypto Transfers

The US Treasury has imposed sanctions on BitBank, an Iranian digital asset exchange, for allegedly helping to move Bitcoin tied to Iran's state-linked financial networks.

The Office of Foreign Assets Control (OFAC) designated BitBank under Executive Order 13902, which authorizes sanctions against persons operating in specified sectors of Iran's economy.

Treasury Secretary Scott Bessent said that cryptocurrency financing remains within OFAC's enforcement reach and warned institutions about dealings involving sanctioned Iranian digital asset exchanges.