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

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned Iranian cryptocurrency exchange BitBank on Thursday, alleging the platform moved hundreds of millions of dollars in bitcoin (BTC) to the Islamic Revolutionary Guard Corps. The IRGC is designated as a terrorist organization by the United States, the European Union and several other governments.

Alongside BitBank, OFAC designated the exchange's software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Iranian financier Babak Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari. Treasury described BitBank as a "priority digital asset venture" controlled by Zanjani, who had previously been sanctioned over an alleged network of companies used to launder money and evade sanctions on Iran.

According to the agency, Zanjani used BitBank between June and July to transfer hundreds of millions of dollars to the IRGC in bitcoin. OFAC also alleged that the Hormuz Safe Marine Services Authority has used the exchange since June to send payments to the Iranian regime. Hormuz Safe appears to be the formal entity behind a bitcoin-settled platform that Iranian media first reported in May, promoted as offering coverage for ships transiting the Strait of Hormuz. Iran said at the time that it was targeting more than $10 billion in revenue from the platform, which was unveiled months after the U.S.-Iran conflict began.

Broader enforcement push

"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," Treasury Secretary Scott Bessent said. "If you support the Iranian regime, the Department of the Treasury will sanction you."

The action is the latest in a series of U.S. measures targeting crypto platforms accused of helping Iran sidestep sanctions. In June, OFAC sanctioned Nobitex, described as Iran's largest crypto exchange, together with Wallex, Bitpin and Ramzinex under the earlier "Economic Fury" campaign. Treasury said Nobitex handled more than half of Iran's digital asset inflows in 2025 and facilitated transactions involving the IRGC and other sanctioned entities. In August, OFAC sanctioned the exchanges Shelbit and Aban Tether. The newest designations fall under "Operation Economic Outcast," a broader campaign launched on Aug. 24 as a continuation of Economic Fury.