US Treasury Targets Iran-Linked Crypto Firm in Sanctions Evasion Crackdown

The US Treasury's Office of Foreign Assets Control (OFAC) has designated BitBank as a priority Iranian digital asset target in Operation Economic Outcast. This move targets Iran's crypto-based sanctions evasion infrastructure, according to the Treasury.

BitBank joins a list of Iranian entities using digital assets to circumvent US sanctions. The designation exposes any US person transacting with BitBank to potential civil and criminal liability. OFAC has steadily expanded its crypto enforcement toolkit, sanctioning several Iran-linked crypto exchanges and wallet addresses in prior actions going back to 2021.

The Treasury's action covers key components of Iran's digital-asset infrastructure. The designation follows the standard OFAC process, and any US person or entity transacting with designated parties faces exposure to civil penalties. Non-US persons risk secondary sanctions consequences for material support.