US Treasury Sanctions Iranian Crypto Exchange for Facilitating IRGC Transactions
The U.S. Treasury Department has imposed sanctions on Iranian cryptocurrency exchange BitBank and its developer Pishtaz Simorgh Electronic Trade Company, accusing them of facilitating the transfer of hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC).
According to the Treasury, between June and July 2026, Zanjani used BitBank to facilitate the transfer of hundreds of millions of dollars worth of Bitcoin to the IRGC.
The action is part of the Trump administration's 'Operation Economic Outcast' targeting Iran's sanctions-evasion networks. The Treasury said its authorities give the department broader powers to disrupt the Iranian regime's use of digital assets for sanctions evasion and warned international companies and individuals facilitating such activity could also face sanctions exposure.
Treasury Secretary Scott Bessent stated, 'If you support the Iranian regime, the Department of the Treasury will sanction you.'