US Sanctions Iranian Crypto Exchange BitBank and Its Software Developer

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Iranian crypto exchange BitBank and the firm that built its platform, citing alleged Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC).

Key entities sanctioned

• BitBank – Iranian cryptocurrency exchange used by sanctioned financier Babak Zanjani.
• Pishtaz Simorgh Electronic Trade Company – Developer of BitBank’s software, a subsidiary of Dot One Value Creation Group.
• Three individuals linked to Zanjani’s corporate network, including executives of Pishtaz Simorgh and Dot One.

Alleged illicit activity

OFAC alleges that between June and July, BitBank facilitated hundreds of millions of dollars in Bitcoin transfers to the IRGC. The agency also says Hormuz Safe Marine Services Authority used the exchange to move receipts to the Iranian government.

Broader sanctions context

The designations are part of Operation Economic Outcast, launched in August to cut Iran off from financial channels used for oil revenue, sanctions evasion, and IRGC financing. Earlier actions this year targeted other Iranian crypto platforms such as Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether.

Regulatory implications

U.S. Treasury Secretary Scott Bessent emphasized that crypto‑based financing is within OFAC’s reach and warned that entities supporting the Iranian government could become future sanctions targets. The move expands secondary‑sanctions exposure for non‑U.S. companies that continue business with the listed Iranian entities.