U.S. Treasury Sanctions Iranian Exchange BitBank for Facilitating IRGC Bitcoin Transfers

The U.S. Department of the Treasury has sanctioned the Iranian crypto exchange BitBank, accusing it of facilitating Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC). This action is part of the broader Operation Economic Outcast, aimed at curbing Iran's use of digital assets to bypass economic sanctions. The Treasury also targeted financier Babak Zanjani, his software developer Pishtaz Simorgh Electronic Trade Company, and three associates. Officials stated that the move demonstrates the U.S. government's capability to track and penalize the use of cryptocurrencies for financing the Iranian regime.