The U.S. Treasury sanctioned Iranian crypto exchange BitBank on Thursday, accusing it of moving hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps. The action also hits BitBank's software developer and three associates of previously sanctioned financier Babak Zanjani.
The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank on Thursday, alleging it helped move hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps. The IRGC is designated a terrorist organization by the U.S., the European Union and several other governments.
The Office of Foreign Assets Control also designated BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, along with three associates of Iranian financier Babak Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari.
Zanjani's Bitcoin Network
Treasury called BitBank a priority digital asset venture controlled by Zanjani, who was previously sanctioned by OFAC over an alleged network of companies that helped launder money and evade sanctions on Iran. Between June and July, Zanjani used BitBank to move hundreds of millions of dollars to the IRGC in the form of bitcoin, Treasury said. The agency also alleged that the Hormuz Safe Marine Services Authority has used the exchange since June to transfer payments to the regime.
A Bitcoin-Settled Insurance Platform
Hormuz Safe appears to be the formal entity behind a bitcoin-settled platform first reported by Iranian media in May. The platform was promoted as offering coverage for ships traveling the Strait of Hormuz, months after the U.S.-Iran conflict began. At the time, Iran said it was targeting more than $10 billion in revenue for the platform.
Treasury Secretary Scott Bessent said the designations show that financing Iran through cryptocurrency will not escape enforcement. "If you support the Iranian regime, the Department of the Treasury will sanction you," Bessent said.
Part of a Broader Crackdown
Thursday's designations mark the latest U.S. move against crypto platforms accused of helping Iran evade sanctions. In June, OFAC sanctioned Nobitex, Iran's largest crypto exchange, along with Wallex, Bitpin and Ramzinex under the Economic Fury campaign. Treasury said Nobitex processed more than half of Iran's digital asset inflows in 2025 and facilitated transactions involving the IRGC and other sanctioned entities. OFAC followed up in August by sanctioning exchanges Shelbit and Aban Tether. The latest action falls under a continuation of Economic Fury called Operation Economic Outcast, a broader campaign launched Aug. 24.
Source: The Block
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