U.S. Treasury sanctions Iranian crypto exchange BitBank over alleged IRGC Bitcoin transfers

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) added Iranian cryptocurrency exchange BitBank, its software developer Pishtaz Simorgh Electronic Trade Company, and three individuals linked to financier Babak Zanjani to the sanctions list on September 17.

Alleged transfers to the IRGC

OFAC alleges that BitBank was used between June and July to move “hundreds of millions of dollars” worth of Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC). The Treasury did not disclose wallet addresses, transaction hashes, or a detailed breakdown of the alleged transfers.

Related entities and individuals

Designated entities include:

• BitBank (also listed as BitBank3) and its websites bitbank.com and bitbank3.com.
• Pishtaz Simorgh Electronic Trade Company, described as the developer of BitBank’s digital‑asset software and a subsidiary of Dot One Value Creation Group.
• Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein (chief executive of Pishtaz Simorgh), and Seyed Adel Heidari (vice‑chairman of Dot One’s board), all identified as executives in Zanjani’s network.

Connection to maritime payments

The Treasury linked BitBank to Hormuz Safe Marine Services Authority, a maritime‑payment platform sanctioned in July, which allegedly routed Bitcoin payments collected for the Iranian government through BitBank.

Sanctions implications

U.S. persons must block property and interests of the designated entities. The 50% rule extends the prohibition to any business owned 50% or more by blocked parties. Secondary sanctions may apply to foreign institutions that deal with the listed entities, and violations can be enforced on a strict‑liability basis.

Broader context

This action is part of OFAC’s “Operation Economic Outcast,” a campaign that began in August 2026 to target Iranian financial networks across crypto, oil, shipping, and other sectors. Earlier 2026 sanctions targeted several Iranian exchanges, including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit, and Aban Tether.