U.S. Sanctions Iranian Crypto Exchange BitBank Over Sanctions Evasion

Map of Iran under a magnifying glass | Image by Canva

The U.S. Department of the Treasury sanctioned an Iranian digital assets exchange and several affiliated individuals and entities accused of helping the Iranian regime evade sanctions and move funds to the Islamic Revolutionary Guard Corps, federal officials announced on Thursday.

The Office of Foreign Assets Control (OFAC) targeted BitBank, a cryptocurrency venture it says is controlled by previously designated Iranian financier Babak Zanjani, along with the exchange’s developer, Pishtaz Simorgh Electronic Trade Company.  The Treasury also designated three Zanjani associates: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.

The action is part of Operation Economic Outcast, which Treasury Secretary Scott Bessent announced on August 24 as “Economic D-Day.” The campaign aims to cut off financial channels supporting the Islamic Republic of Iran.

“Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach,” Bessent said. “If you support the Iranian regime, the Department of the Treasury will sanction you.”