The US Imposed Sanctions on the BitBank Crypto Exchange Over Bitcoin Transfers to the IRGC

• OFAC added the Iranian crypto exchange BitBank and its developer to the sanctions list.
• The U.S. Treasury said the platform was used to transfer hundreds of millions of dollars’ worth of bitcoin to the IRGC.
• The restrictions were part of Operation Economic Outcast targeting Iran’s financial infrastructure.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on the Iranian crypto exchange BitBank. The agency claims the platform was used to transfer hundreds of millions of dollars’ worth of bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

According to the Treasury, BitBank is controlled by Iranian businessman Babak Zanjani, who was previously sanctioned. Alongside the exchange, the restrictions also hit its software developer, Pishtaz Simorgh Electronic Trade Company, as well as three individuals linked to Zanjani.

OFAC said that from June to July 2026, Zanjani used BitBank to transfer hundreds of millions of dollars’ worth of bitcoin to the IRGC. In addition, since June, the sanctioned Hormuz Safe Marine Services Authority has routed payments through the platform that, according to U.S. authorities, were intended for Iranian state entities.

The Treasury considers BitBank part of an infrastructure created by Zanjani to move capital and evade restrictions. The agency said his network combined publicly operating commercial projects and financial platforms that were allegedly used to launder funds and support state-linked organizations.