US Treasury Sanctions Iranian Crypto Exchange BitBank Over IRGC Bitcoin Transfers

The U.S. Treasury announced on Thursday that it has added the Iranian digital‑asset exchange BitBank to its sanctions list. OFAC alleges the platform was used to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) during June and July.

Key entities sanctioned

In addition to BitBank, OFAC designated:

• Pis​htaz Simorgh Electronic Trade Company, the developer of BitBank’s software, a subsidiary of Dot One Value Creation Group.
• Three executives of Dot One: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
• Three associates of Iranian financier Babak Zanjani, who is already on the U.S. sanctions list.

Background on the crypto‑funded IRGC pipeline

According to the Treasury, BitBank facilitated Bitcoin transfers that funded the IRGC, a designated terrorist organization. The transfers were part of a broader network that includes the Hormuz Safe Marine Services Authority, which has also moved payments to the regime via the exchange since June.

Broader U.S. crackdown on Iran’s crypto infrastructure

The designations follow earlier actions against Iranian crypto entities, including the August blacklisting of exchanges Shelbit and Aban Tether for IRGC‑linked transfers and a prior crackdown on a crypto‑funded maritime insurance scheme. In August, the Treasury declared Iran’s entire digital‑asset sector sanctionable.

Official statement

Secretary of the Treasury Scott Bessent warned that “efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach,” emphasizing that any support for Tehran could result in sanctions.