The US Treasury Department has sanctioned BitBank and several people linked to Iranian financier Babak Zanjani, accusing them of helping operate a cryptocurrency network used to evade sanctions.
The Office of Foreign Assets Control (OFAC) also designated BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, along with Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari. The measures were announced under Treasury’s “Operation Economic Outcast.”
BitBank Linked to Bitcoin Transfers
OFAC said Zanjani used BitBank between June and July to move hundreds of millions of dollars in Bitcoin. The agency said the funds ultimately went to Iran’s Islamic Revolutionary Guard Corps as part of efforts to bypass US sanctions.
BitBank has marketed itself as an Iranian digital-asset exchange since at least 2024. Its software was developed by Pishtaz Simorgh Electronic Trade Company, a subsidiary of Dot One.
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Treasury Secretary Scott Bessent said cryptocurrency would not protect those supporting Iran’s government from US sanctions.
“If you support the Iranian regime, the Department of the Treasury will sanction you.”
Sanctions Restrict US Transactions
The designations require US persons to block property belonging to the sanctioned targets that comes under their control. OFAC said some transactions may remain permitted under specific licenses or exemptions.
The restrictions also cover entities owned at least 50% by blocked individuals or entities. Violations can lead to civil or criminal penalties under US law.
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