US sanctions Iranian crypto exchange BitBank for alleged bitcoin transfers to IRGC

The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank, accusing it of moving hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps (IRGC), a group designated as a terrorist organization by the United States, the European Union and other governments.

Entities designated alongside BitBank

Along with BitBank, the Office of Foreign Assets Control (OFAC) designated:

• Pishtaz Simorgh Electronic Trade Company – the software developer for BitBank
• Three associates of Iranian financier Babak Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari

Alleged activity and timeline

According to the Treasury, between June and July the exchange was used to transfer bitcoin valued at hundreds of millions of dollars to the IRGC. The agency also linked the Hormuz Safe Marine Services Authority to BitBank, stating that Hormuz Safe has used the platform since June to move payments to the regime.

Background on related sanctions

The designations are part of the Treasury’s ongoing “Economic Fury” and “Operation Economic Outcast” campaigns targeting Iranian digital‑asset infrastructure. Earlier actions this year sanctioned Iran’s largest exchange, Nobitex, as well as Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether.

Official response

Treasury Secretary Scott Bessent said the designations demonstrate that financing the Iranian regime with cryptocurrencies is within OFAC’s reach and warned that support for the regime will result in sanctions.