US sanctions Iranian crypto exchange BitBank over IRGC financing

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned the Iranian crypto exchange BitBank, its software developer Pishtaz Simorgh Electronic Trade Company, and three individuals linked to financier Babak Zanjani. The Treasury alleges that BitBank facilitated hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC). This action is part of Operation Economic Outcast, an ongoing campaign to disrupt Iranian financial channels used for sanctions evasion and funding the IRGC.