US Treasury Sanctions Iranian Crypto Exchange BitBank
The US Treasury has sanctioned Iranian digital asset exchange BitBank and its developer Pishtaz Simorgh Electronic Trade Company, as well as three individuals tied to financier Babak Zanjani. The move is part of Operation Economic Outcast, a campaign targeting Iran-linked financial infrastructure and sanctions evasion.
Treasury alleges that BitBank was used by Zanjani to facilitate the transfer of hundreds of millions of dollars' worth of Bitcoin to Iran's Islamic Revolutionary Guard Corps between June and July this year. Additionally, Hormuz Safe Marine Services Authority, an OFAC-designated entity, allegedly used BitBank to transfer payments it received to the Iranian regime.
The sanctions risk is no longer limited to screening wallet addresses or avoiding direct US exposure, according to Treasury. Corporate links, software providers, management ties, and payment flows may all become relevant in enforcement reviews.